AML / KYC

The HKAB updated its guidance for banks after the government said it would no longer recognise BN(O) passports as valid travel documents or forms of identity.

The FSC's 2021 policy agenda for the financial sector will include measures to bolster risk management while also strengthening competitiveness and facilitating digital innovation.

The regulators agree to issue guidance to banks on product due diligence, investor protection, AML/CFT requirements and personal data protection, among other areas.

The guidelines apply to cross-border activities using domestic or foreign currencies, as well as domestic activities using foreign currencies.

Offshore gaming operators, their service providers, real estate developers and brokers have been brought into scope as covered entities.

The SEC is concerned that digital asset wallets and custodian services could be used for drug offences and money laundering.

The ex-head of the CBIRC’s Shanxi bureau was expelled from the Communist Party and referred for criminal prosecution for suspected bribery.

RUSI and ACAMS have launched a new survey seeking to better understand the potential for digital ID to aid in the fight against financial crime.

The updated rules also bring into scope virtual asset custodians, introducing a $1mn minimum capital requirement for such businesses.

The amendments will update rules on correspondent banking and customer due diligence to reflect legislative changes passed in December.