AML / KYC

As the country looks to increase grass-roots access to finance, it will require greater engagement with the international financial community, requiring greater focus on preventing financial crime.

MAS urges Singaporean banks to incorporate Wolfsberg due diligence questionnaire in risk assessment processes relating to correspondent banking relationships.

Cryptocurrencies to be regulated under new AML rules before a bilateral AML evaluation by APG in November; banks ordered to label crypto exchange accounts as ‘high risk’.

Framework proposed by Korean Blockchain Association proposes includes $1.8mn minimum equity capital, five year storage of transaction records , ethical charter to prevent insider trading.

BSP governor laid out the central bank’s regulatory priorities in fintech and regtech while revealing regulation around AML/KYC requirements and mitigating the risks surrounding data security.

Secretary for Financial Services and the Treasury expects banks to comply with requirements of HKMA personal data privacy ordinance.

Recent FCA case highlights cost of mismanaged outsourcing. Potential IT problems are brewing for private equity GPs too as big deals systemically overlap banking system.

Indian securities regulator specifies a narrow definition and identification of beneficial ownership for foreign investors into India and establishes new KYC norms.

Financial Services Commission to conduct on-site expectations of three banks with cryptocurrency account relationships.

Participating banks are now obliged to report to the police attempts to use ID cards that are fake or belonging to another person.