AML / KYC

The BCBS says different supervisory functions should exchange information and cooperate both domestically and across borders, regardless of the institutional setting.

The revisions update the list of risk indicators banks should use to conduct risk assessments and specify conditions for using KYC utilities for obtaining customer information.

The central bank says any action aimed at circumventing the proposed 25,000 ringgit cash transaction limit would be considered an offence for both the payer and payee.

Intermediaries and mutual fund distributors are not allowed to store investors’ Aadhaar numbers “under any circumstances”.

Australia’s approach to international payments needs to change, and reporting entities need to update their legacy systems for better reporting, say Eric Knight and Nick Armstrong.

The Fintel Alliance reveals its operational results in its annual report. A second report sets out financial indicators to help FIs detect and report child sexual exploitation.

Under the new framework, announced at Hong Kong Fintech Week, platform operators that offer trading in virtual assets classified as securities may seek Type 1 and Type 7 licences from the SFC.

OCBC Enables Instant Bank Account Opening for Startups

CIMB and Maybank are two of the largest banks forcing closures of accounts belonging to Iranian companies and individuals, amid new sanctions imposed by the US.

The draft guidance analyses the use, reliability and independence of digital ID systems, and looks at how they can meet FATF requirements around customer due diligence.