AML / KYC

    AML / KYC

    SEBI Endorses Technology Use to Facilitate Online KYC

    By Editors | 27/04/2020

    The investor KYC process can be completed through websites or apps, which should include video-based ID verification, liveness checks, and electronic signatures and documents.

    AML / KYC

    Singapore’s Financial Industry’s Role in Preventing Sanctions Evasion

    By Jamil Ahmed | 23/04/2020

    Given its geographical location and reputation as a major finance and trading hub, Singapore firms need to take extra care to avoid implicating themselves in sanctioned transactions.

    AML / KYC

    US Agencies Issue Alert on North Korea Cyber Threat

    By Manesh Samtani | 22/04/2020

    The advisory highlights the powers US agencies have to subpoena foreign FIs that maintain a correspondent bank account in the US to gain access to customer records stored overseas.

    AML / KYC

    ASIFMA Offers Hong Kong Guidance on Common KYC Practices

    By Editors | 22/04/2020

    The guidance on account opening and KYC refresh is based on practices employed at 15 banks in Hong Kong that have a strong global and regional footprint.

    AML / KYC

    Industrial Bank of Korea to Pay $86m for US Sanctions Violations

    By Editors | 21/04/2020

    The bank failed to capture and prevent USD 1 billion in transactions to Iranian entities, cleared through financial institutions located in New York including its own branch.

    AML / KYC

    SFC Fines BOCOM International Securities for “Serious” Breaches

    By Editors | 20/04/2020

    The brokerage did not have effective controls to identify third party deposits, and “extensive deficiencies” were found in its handling of margin lending and margin calls.

    AML / KYC

    Wolfsberg Group Updates Correspondent Banking Due Diligence Questionnaire

    By Editors | 20/04/2020

    The changes are focused on improving the CBDDQ’s ease of use and readability. One question has been eliminated and some of the wording has been clarified.

    AML / KYC

    Hong Kong: SME Director Gets 44 Months Jail for Loan Fraud

    By Editors | 20/04/2020

    The SME director was sentenced for conspiring to defraud five banks, the Trade and Industry Department, and the Hong Kong Mortgage Corporation.

    AML / KYC

    India Moves to Prevent ‘Opportunistic Takeovers’ by Chinese Investors

    By Editors | 19/04/2020

    India has introduced a pre-approval requirement for all foreign investment from seven countries including China to curb “opportunistic takeovers or acquisitions” of Indian companies.

    AML / KYC

    S. Korea AML/CFT Framework Significantly Strengthened: FATF

    By Editors | 19/04/2020

    Korea demonstrates effective cooperation among local authorities, the private sector and foreign counterparts; and effective use and development of financial intelligence.

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