AML / KYC

High labour costs in the AML function are partly driven by the growth of non-bank payment providers, which increase complexity and reduce transparency in the transaction chain.

The HKMA has published the findings of its mystery shopper programme, which set out to assess customer interface aspects of bank account opening for SMEs and ethnic minorities.

A thematic review has concluded that authorised institutions have in general applied the risk-based approach to AML/CFT measures, but there is room for improvement.

AUSTRAC has ordered 'buy-now, pay-later' service firm Afterpay to undergo an independent audit to its compliance with AML/CTF laws.

New data from the OECD indicates that Hong Kong and Singapore are adhering to tighter global standards on tax transparency.

The first Notice covers account issuance, money transfers and money changing services. The second Notice sets out a separate framework for digital payment tokens.

By laying the groundwork, identifying key goals and developing processes, regulatory change management can be a business-as-usual activity, says Fenergo's Rachel Woolley.

The number of active correspondent banks declined by 3.4% in 2018, bringing the cumulative decline since 2011 to 19.3 percent.

The APAC RegTech Network seeks to enhance cross-border collaboration on regtech education and implementation across the region.

Almost three-quarters of Asia Pacific organisations have been victims of financial crime in the past year, according to recently published survey results by Refinitiv.