AML / KYC
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406RBI Allows Banks to Use Aadhaar for KYC
Editors, Regulation Asia May 31, 2019The RBI will allow banks to use Aadhaar to authenticate and verify customer identities, provided customer consent is obtained.
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434Japan FSA Orders Seibu Shinkin Bank to Improve Loan Screening
Editors, Regulation Asia May 28, 2019The bank reportedly extended loans to persons connected to 'antisocial forces', and potentially executed over 100 fraudulent real estate loans.
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542Five RCBC Bank Employees Charged with Money Laundering
Editors, Regulation Asia May 25, 2019Five current and former bank employees have been charged with money laundering in the Philippines in connection with the 2016 Bangladesh Bank heist.
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1.1KHong Kong, China Framework Comparison – KYC Standards
Prasanna Venkatesan, Synpulse and Gregory Achache, Synpulse May 23, 2019Given 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.
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348Bangladesh FIs Report Suspicious Activity at Record Levels
Editors, Regulation Asia May 22, 2019The increase in suspicious activity reported is an indication of the financial industry's commitment to fighting money laundering and terrorism financing.
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479FSC Korea Fines Four Brokers for False Name Accounts
Editors, Regulation Asia May 17, 2019South Korea's FSC has fined four local brokerages for holding accounts belonging to Samsung Group chairman Lee Kun-hee under other people's names.
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1.2KThe Need for a Cross-Sector & Cross-Jurisdictional AML Regime
Claus Christensen, Know Your Customer Ltd May 16, 2019It'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.
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648Artificial Intelligence Holds “Immense Potential” for Risk Management – MAS
Garima Chitkara, Regulation Asia May 16, 2019MAS 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.
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1.0KWolfsberg Group Publishes Guidance on Customer Tax Evasion
Editors, Regulation Asia May 15, 2019Financial 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.
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423New Zealand FMA Issues AML/CFT Warnings to 10 Reporting Entities
Editors, Regulation Asia May 14, 2019The warnings relate to failures by the firms to comply with requirements to have their risk assessments and AML/CFT programmes audited every two years.
