AML / KYC

G20 nations have signed a joint declaration calling for regulation of crypto assets to combat money laundering and terrorist financing.

The HKMA and privacy commissioner have demanded security improvements after reporters were able to access top officials' credit reports through TransUnion's online service.

The BSP will require financial institutions to collect customers' unique 'PhilSys' ID numbers, and allow the use of technology to capture and record personal data.

A new report by Singapore's AML/CFT Industry Partnership identifies key weaknesses of current approaches that can be addressed with data analytics and greater industry collaboration.

Banks are most exposed to money laundering risks due to the innate characteristics of their products and services, according to an FSC review of the domestic financial industry.

A digital-first approach to customer onboarding can protect companies from internal delays, customer dissatisfaction, hefty regulatory fines and reputational risk, says Claus Christensen.

The probe has been ongoing since late 2017, where MUFG is alleged to have intentionally ignored internal controls meant to prevent it doing business with sanctioned entities.

The Association of Banks in Singapore has published a report detailing the core design decisions, achievements, challenges and lessons from the recently-shelved KYC utility project.

Penalties are being raised for AML/CTF offences and failures to file suspicious transaction reports, while Singapore also expands on its arrangements with foreign FIUs.

The Bill aims to provide a more conducive environment for innovation in payment services, while ensuring that risks across the payments value chain are mitigated.