AML / KYC

Global asset managers have opposed SEBI’s plan to create a centralised database of beneficial owners of foreign portfolio investors.

Bank of Ayudhya has become the first bank in Thailand to introduce facial recognition in account opening, which it says will enhance security and prevent fraud and identity theft.

APRA and AUSTRAC plan to directly engage and share information with regtech firms to aid in their development of solutions that can help regulated entities comply with reporting obligations.

If the FATF Interpretive Note is adopted, virtual assets and their service providers could fall under the same level of regulatory scrutiny as seen in traditional banking, says ComplyAdvantage.

Following months of intense lobbying by e-wallet providers, the RBI has extended the deadline for completion of KYC processes by six months.

The FATF is consulting on draft guidance on the application of a risk-based approach to AML/CFT in the legal, accountancy, and trust and company service providers sectors.

The Financial Action Task Force has marked the end of its fourth round of mutual evaluations with an announcement of its latest plenary session last week.

The proof of concept project commenced in December 2018 and aims to help reporting entities automate the reporting of international funds transfers to AUSTRAC.

CBIRC has released guidance to help financial institutions improve AML/CFT controls, on the heels of recent news that PBOC is scrapping its approval process for corporate accounts.

Increased transparency in the banking sector has made other avenues for money laundering gain greater prominence, writes Claus Christensen at Know Your Customer Ltd.