Napier's Luca Primerano, Greg Watson, and Robin Lee talk to Regulation Asia about efforts to automate and enhance financial crime risk management processes.
Banks are asked to relax documentary requirements and provide simple personal account opening services, making use of external data to verify customer identities.
The COSMIC platform will be developed and deployed in phases. The initial participants are DBS, OCBC, UOB, StanChart, Citibank and HSBC.
The guidelines include national digital ID system PhilSys as an accepted method for verifying customer identities, subject to proper authentication.
A$6mn in cash obtained as a result of the forfeiture order will be redistributed to support crime prevention, law enforcement and related community initiatives.
The FMA's James Greig noted a lower tolerance for AML/CFT non-compliance, given the regime has been in place for eight years.
An unsealed indictment shows that six individuals and a Swiss firm used accounts in Singapore and Hong Kong to help US clients evade taxes from 2009 to 2014.
A new conflict of interest rule bars VASPs from trading native tokens and their staff from trading virtual assets on their own platforms.
Victims lost HKD 2.5 billion from investment scams between January and July, a 20-fold increase compared to the same period last year.
A four-year transformation programme will introduce a "modern and intuitive user interface" and high-speed channels for file uploads, among other changes.
Loading more posts...
Sorry, no more posts
No more pages to load