AML / KYC

New Zealand’s Financial Markets Authority has released a report highlighting failures in reporting entities' AML/CFT programmes, risk assessments and customer due diligence.

The UN Security Council has adopted a resolution calling on member states to beef up efforts to identify, prosecute and penalise those directly or indirectly financing terrorism.

A new simplification programme for opening stock accounts in Indonesia should cut processing times to as little as 30 minutes, from about two weeks previously.

Bank Negara Malaysia will conduct a public consultation by Q3 to gather feedback on the implementation of a cash transaction limit, what it should be, and whether it is even desirable.

The blockchain powered ID registry will enable electronic KYC and make it easier for clients to access banking services.

International law firm Hogan Lovells says the HKEX guidance provides significant insight into how it will consider international trade and sanctions issues in the context of IPO transactions.

The inaugural enforcement report reveals that MAS issued S$16.8mn in financial penalties and S$698,000 in civil penalties over 18 months.

The minimum prudential expectations for banks exposed to crypto-assets relate to due diligence, governance and risk management, public disclosure and supervisory dialogue.

Malaysia’s securities regulator has reportedly issued a show-cause notice to Goldman Sachs, assumed to be in connection with the multi-billion dollar 1MDB scandal.

In light of the OFSI's recent fine on Raphaels Bank, Eric Sohn at Dow Jones Risk & Compliance looks at other seemingly outsized penalties, and what they could mean.