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AML / KYC
India to Implement Payee Name Checking on RTGS, NEFT by April
By Editors | 05/01/2025
Banks have until 1 April 2025 to implement the beneficiary account name look-up facility for RTGS and NEFT transfers.
AML / KYC
China Consults on Draft CFT rules for Social Organisations
By Editors | 05/01/2025
Under the rules, social organisations have to undertake periodic TF risk assessments and implement risk prevention measures commensurate with their TF risks.
AML / KYC
Taiwan to Loosen Rules Imposed on Overseas Securities Clients
By Editors | 04/01/2025
The FSC will make account opening, order verification and fund deposits more convenient for overseas clients
AML / KYC
Thailand Works to Address Risks of Myanmar Transactions
By Manesh Samtani | 04/01/2025
No evidence was found that transactions with Myanmar were linked to weapons purchases. A new sanctions policy has been issued.
Crypto / Digital Assets
Philippine SEC Proposes New Regulatory Framework for Crypto
By Manesh Samtani | 02/01/2025
The rules cover capital requirements, consumer protection, disclosures and marketing, AML compliance, market abuse, and cybersecurity.
AML / KYC
Taiwan FIs to Connect ‘Financial Fast-ID’ Verification Systems
By Editors | 02/01/2025
A cross-system verification hub is being developed to connect the existing digital identity verification systems of various FIs.
AML / KYC
Vietnam Launches Nationwide Campaign Against Online Fraud
By Editors | 01/01/2025
Measures include developing an interagency coordination model and enhancing account verification, Internet banking security, and controls on crypto-related transactions.
AML / KYC
PNG Agencies Launch New Anti-Money Laundering Task Force
By Editors | 31/12/2024
The task force is described as a “crucial step” in PNG’s efforts to combat financial crime and avoid being placed on the FATF’s grey list.
AML / KYC
HKMA Directs Banks to Implement More Anti-Scam Measures
By Manesh Samtani | 28/12/2024
HKMA says banks should seek Police assistance and consider holding the transaction if they believe a customer is being scammed.
AML / KYC
OCC Issues Order Requiring BofA to Fix AML Deficiencies
By Editors | 28/12/2024
The order requires BofA to obtain OCC approval to launch new products or services that present high money laundering or sanctions risk.
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