AML / KYC

In the year ahead, the MAS will focus on the use of data analytics as well as boosting industry collaboration in its fight against money laundering and terrorism financing.

Holding companies of existing qualified professional investors will gain status as professional investors; intermediaries must obtain confirmation that their shareholders are notified of the change.

Procedures to verify client identities include obtaining a digitally signed agreement and identity document copy, and the use of designated accounts in the client’s own name only for deposits and withdrawals.

India's central bank is looking to create a repository of all non-cash financial transactions to widen the government's crackdown on money laundering or shell company activities.

The Australian Tax Office will use cross border data sharing agreements to track tax obligations of cryptocurrency traders, though tax implications from major gains will likely be confined to a few individuals.

Proposed changes aim to provide greater clarity on requirements and reduce errors in the submission of misconduct reports; reference checks to be mandatory when recruiting staff.

Guidance aimed at assisting to countries, competent authorities, providers of securities products and services, and intermediaries in risk-based design and implementation of applicable AML/CFT measures.

The 'J5' will three global tax enforcement initiatives: cybercrime and virtual currencies, enablers of offshore tax crime, and data platforms; new alliance includes Canada, US, UK, Netherlands.

Proposals include streamlining of customer onboarding processes and a requirement to implement group-wide AML/CFT systems at overseas branches and subsidiaries.

Banks required to find out whether customers are foreign tax residents and report to Inland Revenue; unresponsive customers are having their accounts put on hold.