AML / KYC

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    EY’s 2017 review of Westpac highlighted poor data quality, outdated infrastructure, incompatible systems, capacity issues, manual workarounds and historical underinvestment.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