AML / KYC

The new framework will use a four-point rating scale to grade FIs based on their inherent risks, risk management capabilities and self-assessment systems.

The Wall Street Journal says Ant Group’s IPO was suspended last year due to its complex ownership structure and an unease over the likely beneficiaries of the listing.

The new system will reduce the time it takes for investors to open an account and minimise the number of accounts opened using fake information, BSEC said.

The November FSTB proposal to only allow VASPs to offer services to professional investors could prompt retail investors to move to unlicensed platforms, GDF says.

New draft rules are aimed at deepening trust and confidence in digital identities through the adoption of common standards to safeguard personal data and privacy.

Users must plan to implement the updated file formats to ensure uninterrupted access to LEI data beyond 31 March 2022, GLEIF said.

The man is accused of recruiting individuals to unwittingly serve as money mules to launder the proceeds of crime in return for a commission.

Investors from black-listed or grey-listed FATF jurisdictions will not be allowed to acquire ‘significant influence’ in NBFCs, the RBI said.

The man used express cash deposit facilities at Perth bank branches to help launder more than A$5.6mn for an alleged criminal syndicate.

The vLEI system will give legal entities the capacity to use non-repudiable identification data pertaining to their legal status, ownership structure and authorised representatives.