Report discusses strengthening due diligence tools to support correspondent banking relationships and improved monitoring.
In a speech at Money 20/20 Asia, MAS managing director Ravi Menon spoke about the promise of blockchain technology and containing cryptocurrency risks; AML/CTF risks present a "clear and present danger".
Foreign Portfolio Investors should not be Indian residents, non-resident Indians or overseas citizens of India; must be from AML/CTF compliant jurisdictions.
Japan to urge G20 leaders to close money laundering loopholes that exist due to weak regulation in some jurisdictions, without stifling innovation.
Central bank-issued digital currencies can enhance payments, settlement, efficiency; but financial stability implications warrant consideration.
Indian regulator says looser investment rules could encourage ‘round-tripping’ of funds by domestic investors, concerned about source of funds.
Five exchanges including recently-hacked Coincheck ordered to improve internal controls; two exchanges ordered to halt services.
Banking association says new regime needs a way to flag special circumstances in credit histories to prevent discrimination against customers.
Wolfsberg Group Questionnaire has potential to reduce costs associated with KYC application and streamline the establishment and maintenance of correspondent banking relationships.
Omnibus accounts will allow bank clients to trade without undergoing standard KYC procedures and help boost trading from offshore participants.
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