AML / KYC

    AML / KYC

    PBOC Directs Banks to Offer ‘Simple’ Account Opening

    By Editors | 03/10/2021

    Banks are asked to relax documentary requirements and provide simple personal account opening services, making use of external data to verify customer identities.

    AML / KYC

    MAS to Deploy Information Sharing Platform for AML/CFT

    By Manesh Samtani | 03/10/2021

    The COSMIC platform will be developed and deployed in phases. The initial participants are DBS, OCBC, UOB, StanChart, Citibank and HSBC.

    AML / KYC

    BSP Updates e-KYC Guidelines for Financial Institutions

    By Ranamita Chakraborty | 03/10/2021

    The guidelines include national digital ID system PhilSys as an accepted method for verifying customer identities, subject to proper authentication.

    AML / KYC

    AFP Wins First Asset Confiscation Case Under Operation Ironside

    By Editors | 01/10/2021

    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.

    AML / KYC

    NZ FMA Toughens Approach to AML Non-Compliance

    By Manesh Samtani | 30/09/2021

    The FMA’s James Greig noted a lower tolerance for AML/CFT non-compliance, given the regime has been in place for eight years.

    AML / KYC

    US DOJ Links Singapore, Hong Kong to Tax Evasion Case

    By Editors | 30/09/2021

    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.

    AML / KYC

    Korean VASPs Barred From Trading Native Tokens

    By Sanday Chongo Kabange | 29/09/2021

    A new conflict of interest rule bars VASPs from trading native tokens and their staff from trading virtual assets on their own platforms.

    AML / KYC

    Hong Kong Sees Spike in Investment Scam Losses – Report

    By Editors | 29/09/2021

    Victims lost HKD 2.5 billion from investment scams between January and July, a 20-fold increase compared to the same period last year.

    AML / KYC

    AUSTRAC Outlines Planned Enhancements to Reporting System

    By Editors | 29/09/2021

    A four-year transformation programme will introduce a “modern and intuitive user interface” and high-speed channels for file uploads, among other changes.

    AML / KYC

    HKMA Identifies AML/CFT Gaps in Stored Value Facilities

    By Sanday Chongo Kabange | 27/09/2021

    The HKMA flagged issues related to risk assessments, business partner arrangements, customer risk assessments, and transaction monitoring.

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