AML / KYC

Fintech / Regtech

RegTech Asia 2020: Digital KYC, Onboarding & Authentication

By Editors | 04/10/2020

Digital transformation has accelerated in financial services amid the pandemic. But it has not come without risks.

AML / KYC

Ransomware Payments May Breach OFAC Regulations

By Sanday Chongo Kabange | 03/10/2020

OFAC makes clear in a new advisory that it may impose civil penalties if ransomware payments are made to sanctioned individuals or entities.

AML / KYC

BitMEX Founders Charged for Evading AML Requirements

By Editors | 03/10/2020

Four individuals were charged for “willfully” failing to establish, implement, and maintain an adequate AML programme that included a KYC component.

AML / KYC

Australia to Allocate A$800m to Digital Initiatives in Budget

By Editors | 02/10/2020

The plan includes the development of a digital identity system, modernisation of business registers, rollout support for the CDR, and regtech/fintech initiatives.

AML / KYC

FATF Upgrades China on Three Recommendations in Follow-up

By Manesh Samtani | 01/10/2020

This is to reflect progress on regulating online lending, guidance issued to online lending and other DNFBP sectors, and China’s prohibition on virtual asset activities.

AML / KYC

Taiwan to Set New AML/CFT Rules for Accountants

By Editors | 01/10/2020

Accountants will not be allowed to establish business relationships or conduct transactions with clients until their identities and actual beneficiaries are verified.

AML / KYC

BSP Set to Issue Revised Rules on Virtual Assets

By Sanday Chongo Kabange | 30/09/2020

The revisions are aimed at addressing identified gaps and aligning the framework with FATF guidance for regulating VASPs.

AML / KYC

HKMA to Enhance AML/CFT Supervision Through Data & Tech

By Manesh Samtani | 29/09/2020

The HKMA intends to increase its engagement and data collection, make better use of data, and utilise suptech tools to enhance its AML/CFT supervision.

AML / KYC

US Law Firms Look to Capitalise from FinCEN Files

By Editors | 29/09/2020

US law firms are inviting investors to participate in class actions if they lost money in HSBC and StanChart stock following the release of the FinCEN Files.