The RBI will allow banks to use Aadhaar to authenticate and verify customer identities, provided customer consent is obtained.
The bank reportedly extended loans to persons connected to 'antisocial forces', and potentially executed over 100 fraudulent real estate loans.
Five current and former bank employees have been charged with money laundering in the Philippines in connection with the 2016 Bangladesh Bank heist.
Given the similarities between Hong Kong and China's KYC frameworks, cross-border onboarding and account opening has become less of a challenge, say Synpulse’s Prasanna Venkatesan, Gregory Achache and Marina Mai.
The increase in suspicious activity reported is an indication of the financial industry's commitment to fighting money laundering and terrorism financing.
South Korea's FSC has fined four local brokerages for holding accounts belonging to Samsung Group chairman Lee Kun-hee under other people's names.
It's time to have a conversation about implementing real AML information sharing across organisations, sectors and jurisdictions, writes Claus Christensen at Know Your Customer Ltd.
MAS is using artificial intelligence tools for risk detection and market surveillance, while also working to strengthen protections against cyber risk, data breaches and AI-based discrimination.
Financial institutions should be able to leverage existing financial crime compliance, conduct and tax (including tax transparency regimes) procedures and controls, to address the risks of customer tax evasion.
The warnings relate to failures by the firms to comply with requirements to have their risk assessments and AML/CFT programmes audited every two years.