AML / KYC

Banking association says new regime needs a way to flag special circumstances in credit histories to prevent discrimination against customers.

Wolfsberg Group Questionnaire has potential to reduce costs associated with KYC application and streamline the establishment and maintenance of correspondent banking relationships.

Omnibus accounts will allow bank clients to trade without undergoing standard KYC procedures and help boost trading from offshore participants.

Electronic KYC will include digital forms and thumbprint verification; bank can access national identity card database for further verification.

The bank says its employees did not adversely impact the BBSW as ASIC claims, denies AUSTRAC allegations of systemic AML noncompliance.

Rather than comply with new rules on beneficial owner registration and due diligence, many trusts are likely to simply leave Hong Kong for less onerous jurisdictions.

Cryptocurrency exchanges are required to fully identify all customers and monitor for money laundering and terrorist financing activities.

SEBI to increase focus on source and use of funds going through the alternative investment fund framework.

Indonesian banks, regulators and financial infrastructure firms invited to register with the tax office under AEOI norms.

Less than half of wallet consumers opted to be KYC-compliant before the 28 February deadline; new KYC norms will force telecom firms to verify customer data using third-parties, taking away their current advantage over other payment firms.