AML / KYC

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EY’s 2017 review of Westpac highlighted poor data quality, outdated infrastructure, incompatible systems, capacity issues, manual workarounds and historical underinvestment.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.