AML / KYC

The inaugural enforcement report reveals that MAS issued S$16.8mn in financial penalties and S$698,000 in civil penalties over 18 months.

The minimum prudential expectations for banks exposed to crypto-assets relate to due diligence, governance and risk management, public disclosure and supervisory dialogue.

Malaysia’s securities regulator has reportedly issued a show-cause notice to Goldman Sachs, assumed to be in connection with the multi-billion dollar 1MDB scandal.

In light of the OFSI's recent fine on Raphaels Bank, Eric Sohn at Dow Jones Risk & Compliance looks at other seemingly outsized penalties, and what they could mean.

Global asset managers have opposed SEBI’s plan to create a centralised database of beneficial owners of foreign portfolio investors.

Bank of Ayudhya has become the first bank in Thailand to introduce facial recognition in account opening, which it says will enhance security and prevent fraud and identity theft.

APRA and AUSTRAC plan to directly engage and share information with regtech firms to aid in their development of solutions that can help regulated entities comply with reporting obligations.

If the FATF Interpretive Note is adopted, virtual assets and their service providers could fall under the same level of regulatory scrutiny as seen in traditional banking, says ComplyAdvantage.

Following months of intense lobbying by e-wallet providers, the RBI has extended the deadline for completion of KYC processes by six months.

The FATF is consulting on draft guidance on the application of a risk-based approach to AML/CFT in the legal, accountancy, and trust and company service providers sectors.