AML / KYC

More actions needed to further strengthen the framework, including a greater focus on terrorist financing risk from the private sector and foreign source threats.

Banks and stored value facility operators are asked to adopt a 'refined process' in setting up direct debit authorisations to top-up e-wallets following last week's fraud reports.

The Asia/Pacific Group on Money Laundering will conduct its mutual evaluation of Taiwan and its financial institutions from 5 November until 16 November.

A 70% increase in suspicious matter reporting over the previous year was partly attributed to the strong message sent by AUSTRAC's A$700mn enforcement action against CBA.

China's internet censorship agency has drafted rules requiring blockchain information service providers to collect, store and potentially share user data with authorities.

There is an urgent need for all jurisdictions to take coordinated action to prevent the use of virtual assets for crime and terrorism, the FATF said.

The Guidelines are set to take effect from 1 November for authorised institutions and stored value facilities. The HKMA has also published its policy and supervisory approach.

The setup cost of the KYC utility exceeds the savings banks would be able to achieve, MAS managing director Ravi Menon told Bloomberg.

A July consultation proposed amendments to improve the Guideline's usefulness and relevance and ensure its alignment with international AML/CFT standards.

While AMLD5 confirms the EU’s leadership role in AML legislation, similar efforts have been seen in Asia, says Claus Christensen at Know Your Customer Ltd.