AML / KYC

The latest circular allows Indians living overseas to hold only a non-controlling stake in an FPI entity, but permits them to fully control the investment manager in charge of its assets.

The KYC process has become increasingly complex, with rising costs, onerous processes and a skills shortage presenting challenges for compliance staff, says an Accuity report.

FSS governor told fintech firms the regulator is considering machine readable regulation and automated data analysis systems to better detect and investigate financial crimes.

Over 1,700 financial institutions have shared customer account balances and income details with the tax authority, as required by AEOI.

SEBI may be going back on new rules restricting non-resident Indians and persons of Indian origin from investing in India via the FPI route.

According to a survey of Japanese banks, around half the members are in the process of closing bank accounts belonging to gang members, with 1300 accounts closed as of May; 4300 such accounts still remain in the banking system.

SEBI says fund industry’s claims that new rules barring non-resident Indians from investing via the FPI route will lead to $75bn in outflows is “preposterous", but has agreed to review the norms and provide recommendations.

New global initiative announced by ANNA and GLEIF will map ISINs to their corresponding LEIs, effectively linking the issuer and issuance of securities.

The Fifth Money Laundering Directive (5MLD) will come into force on the 10 January 2020, with far-reaching impacts aimed at addressing weaknesses in the EU's AML/CFT regime that have come to light since the enactment of 4MLD in June 2017.

New Zealand-based finance director sentenced to six months of community detention after being found negligent in following AML laws and reportedly laundering NZ$500,000 to conceal a major drug trade.