AML / KYC

Online FIs required to verify client identities, monitor terrorist organisations and activities, properly store client information and transaction records, and report large-value and suspicious transactions.

Seven state-banks have raised fees for foreign remittances, saying the extra charges are needed to offset costs associated with upgrades to money laundering controls.

At the Refinitiv Pan Asian Regulatory Summit, HKMA's Carmen Chu discussed how technology and cooperation with authorities contributes to a safe and clean financial centre.

Ravi Menon told Bloomberg that MAS is trying to bring banks and crypto startups together to see if an understanding can be reached.

The FSA will conduct on-site inspections at financial institutions over the next 12 months, hoping to clean up its image with the FATF before it hosts the G20 summit next year.

Agencies in both countries will share information on terrorist financing and serious financial crime under a regulatory MoU.

The HKMA is looking to build a more diversified regtech ecosystem in Hong Kong and urges for greater collaboration between the banking industry and technology community.

The latest circular allows Indians living overseas to hold only a non-controlling stake in an FPI entity, but permits them to fully control the investment manager in charge of its assets.

The KYC process has become increasingly complex, with rising costs, onerous processes and a skills shortage presenting challenges for compliance staff, says an Accuity report.

FSS governor told fintech firms the regulator is considering machine readable regulation and automated data analysis systems to better detect and investigate financial crimes.