AML / KYC

Licensed corporations should ensure client suitability when recommending fixed-income and structured products, particularly for complex and risky products.

Guidelines cover dealings with exchanges, preventing money-laundering, aiding taxation; exchanges to be fined for privacy issues; payments to overseas exchanges blocked.

After years of scrutiny of banking relationships, regulators are now turning their attention to other stores of value, according to Accuity CEO Hugh Jones.

It is clearer than ever that Chinese regulators take AML as a major priority, but domestic banks can lack the expertise to meet ever-increasing requirements.

PBOC notice says e-KYC can help better serve real economy; SME account applications should be audited within two days of receipt.

US Federal Reserve Board cites deficiencies in Mega Bank's operations, risk management and compliance controls in relation to AML and bank secrecy laws.

New guidance removes threat of criminal prosecution in cases of “non-serious” regulatory breaches and cooperation 'above and beyond' regulatory obligations.

Regulator says money changers, remittance firms don’t need pre-approval for video-onboarding and other tech, but must have non-face-to-face procedures audited.

BSP has begun reporting international banking statistics from January 2018, having met BIS standards for completeness and quality.

The country will automatically exchange tax information from January 2017 with 61 countries under the OECD’s Common Reporting Standards.