AML / KYC

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    AML / KYC

    BSP Sets Out New Rules for Reporting Financial Crime Risk Events

    By Editors | 06/01/2023

    Banks and NBFIs will have to notify the BSP within 24 hours after they become aware of any significant money laundering, terrorism financing, or proliferation financing risk event.

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    AML / KYC

    Philippines Launches Cyber Safety Campaign for Financial Customers

    By Editors | 05/01/2023

    The BSP and banking industry associations launched a new campaign to improve to cyber hygiene among financial customers.

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    AML / KYC

    NYDFS Ends Coinbase AML Probe With $100m Settlement

    By Editors | 05/01/2023

    The settlement includes a $50mn penalty and a commitment by Coinbase to invest a further $50mn in its compliance programme over the next two years.

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    AML / KYC

    HKMA to Scale Up AML Efforts in 2023: Carmen Chu

    By Bradley Maclean | 04/01/2023

    Executive Director Carmen Chu discusses the actions the HKMA is taking to disrupt AML threats to Hong Kong, and technology initiatives that are making a difference.

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    AML / KYC

    Dutch Banks Start Charging Customers for AML Checks

    By Editors | 04/01/2023

    Companies, associations, charities and churches, among others, are being charged a monthly levy to cover the rising cost of AML checks.

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    AML / KYC

    Anti Fraud: Korea Launches Bulk Account Suspension Service

    By Editors | 04/01/2023

    The new service allows financial consumers to suspend payments from all of their accounts at banks and non-banks at once.

    AML / KYC

    SEC Philippines Increases Penalties for UBO Non Disclosure

    By Editors | 30/12/2022

    Directors, trustees, and officers can also be fined personally and barred for five years for failure to ensure compliance with beneficial ownership disclosure requirements.

    AML / KYC

    Isle of Man, Guernsey, Jersey Pause Work on UBO Registers

    By Editors | 30/12/2022

    Further legal advice is needed following the November judgment by the EU Court of Justice, which found public access to UBO information interferes with the right to privacy.

    AML / KYC

    SFC to Collect More Granular Data from Licenced Firms

    By Manesh Samtani | 30/12/2022

    Many of the new questions in the SFC’s updated BRMQ focus on AML/CFT practices and brokerage business controls.

    Fintech / Regtech

    EU Commission Approves Pilot Use Cases for Digital ID Wallet

    By Editors | 27/12/2022

    The approved pilots cover payments, travel, and business compatibility. The EU Digital Identity Wallet is expected to go live in 2024.

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