AML / KYC

AML / KYC

India Issues New Forms for Disclosing Beneficial Ownership

By Ajoy K Das | 19/07/2024

The Ministry of Corporate Affairs published two new forms for companies to use to disclose beneficial ownership and related changes.

AML / KYC

FATF Issues Update on Standards Work for the NPO Sector

By Manesh Samtani | 19/07/2024

The FATF will revise Recommendation 1 to better enable financial inclusion by improving the risk-based approach and supervision.

AML / KYC

MAS Working to Standardise AML Programmes Across FIs

By Nithya Subramanian | 19/07/2024

MAS intends to engage the industry to “set a clearer waterline of practices” and ensure AML requirements are implemented “more evenly” across the sector.

AML / KYC

UK FCA Directs FIs to Review Treatment of PEPs

By Editors | 19/07/2024

The FCA has also issued a new consultation proposing changes to its guidance on the treatment of PEPs to ensure they are not treated unfairly.

AML / KYC

Philippine Agencies Seek Ban On Offshore Gaming Operators

By Nithya Subramanian | 19/07/2024

Officials from various government departments said POGO activities paint a negative picture of the Philippines and result in lower tourism revenues.

AML / KYC

Taiwan Strengthens AML Requirements for Crypto Firms

By Nithya Subramanian | 18/07/2024

The amended law requires crypto platforms to establish local entities and complete a registration process to offer services in Taiwan.

Crypto / Digital Assets

GDF, GLEIF Announce Digital Asset Industry Partnership

By Editors | 17/07/2024

GDF said the partnership with GLEIF aims to raise awareness of the value of consistent party identification via the LEI.

AML / KYC

MAS: FIs Should Conduct Enterprise-Wide ML/TF Risk Assessments

By Nithya Subramanian | 17/07/2024

The Singapore regulator has asked FIs to integrate insights from the recently published ML and TF national risk assessments.

AML / KYC

RBI Updates Fraud Risk Management Rules for Regulated Entities

By Ajoy K Das | 16/07/2024

The revised master directions mandate the establishment of data analytics and market intelligence units within REs to strengthen fraud risk management systems.