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AML / KYC
Are Criminals Winning at Covid-19? Not Without a Fight
By Editors | 27/05/2020
Advances in digital identification technology can mitigate the unpleasant rise in pandemic-related financial crime. A top regulator, banker and lawyer join forces with Refinitiv to discuss how.
AML / KYC
India to Tighten KYC Rules for Hong Kong, China FPIs
By Manesh Samtani | 26/05/2020
Alongside stricter KYC procedures during FPI registration, India may set a 10% beneficial ownership cap on foreign investment from China including Hong Kong.
AML / KYC
Myanmar: YSX, Securities Firms Directed to Enhance AML Controls
By Editors | 25/05/2020
The YSX is asked to strengthen internal controls and establish an audit committee; six securities firms are asked to address document collection and record-keeping deficiencies.
AML / KYC
BSP Prepares Guidelines to Regulate Virtual Asset Service Providers
By Editors | 21/05/2020
The BSP may require higher capital requirements for VASPs based on their scope, scale of operations and complexity of operations.
AML / KYC
Westpac Removes EY as Auditor for Upcoming Risk Review – Report
By Editors | 20/05/2020
EY’s 2017 review of Westpac highlighted poor data quality, outdated infrastructure, incompatible systems, capacity issues, manual workarounds and historical underinvestment.
AML / KYC
Cambodia Approves Draft Laws to Curb Money Laundering
By Editors | 20/05/2020
The draft bills were reportedly motivated by Cambodia’s placement on the FATF’s ‘grey-list’ last year, which impacts foreign investment and the economy.
AML / KYC
Companies Not Protecting Against Third Party Risk: Refinitiv
By Editors | 18/05/2020
43% of third parties do not receive due diligence checks, and 62% of respondents do not know the extent to which third parties are outsourcing work.
AML / KYC
SFC Reprimands, Fines Southwest Securities for AML/CFT Failures
By Editors | 18/05/2020
The brokerage failed to implement adequate and effective policies and procedures to mitigate AML/CFT risks associated with third party deposits.
AML / KYC
DPRK Cyber Crime Group Increasingly Active in S Korea
By Editors | 18/05/2020
The primary targets of the cyberattacks are cryptocurrency traders, exchanges and others who work in the field, according to cyber security firm ESTsecurity.
AML / KYC
FSI Takes Stock of Official Sector Response to Rising Financial Crime
By Manesh Samtani | 17/05/2020
There are trade-offs between expecting FIs to enhance or adjust their cyber resilience and AML frameworks, versus avoiding excessive burdens that could hinder the delivery of key financial services.
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