AML / KYC

New guideline requires financial institutions to strengthen monitoring and enhance due diligence on accounts intended for crypto exchange operations and report suspicious transactions to KoFIU, including transfers to overseas exchanges.

Despite the glad-handing between Donald Trump and Kim Jong-un in Singapore earlier this month, the legal landscape surrounding North Korea sanctions remains unchanged since March 2018. AML (anti-money laundering) risks will remain a focus of attention in Hong Kong and...

The FSDC has laid out four key recommendations for creating a digital identity and e-KYC based infrastructure for Hong Kong.

FSA issued business improvement orders to six exchanges after it found lax AML processes during on-site inspections. Of the six targeted, BitFlyer has stopped taking on new clients until it makes changes to its client management processes.

All banks and credit unions ordered to provide the details on accounts used by 10 existing Japan-North Korea joint ventures, including details on individuals and entities, assets, employees and transaction records.

CBA came to an agreement with AUSTRAC on 4 June to pay a A$700mn penalty for contraventions to the AML/CTF law, representing the largest fine in Australian corporate history. Australia’s Federal Court has now ratified the agreement.

New report guides digital asset exchanges towards international nest practices for listing processes, market manipulation, pricing and liquidity, AML/KYC and cybersecurity, among other areas.

Legislation introduced to bring cryptocurrency exchanges under the direct supervision of KoFIU, obligating them to adopt AML/CFT directives including systems to monitor for and report suspicious transactions.

Korea Federation of Banks to introduce BankSign system next month; will significantly enhance and simplify user verification process for online and mobile banking through blockchain technology.

BSE's India INX and NSE IFSC have launched the segregated nominee account structure, allowing foreign investors to avoid direct FPI registration and instead trade Indian equities through established intermediaries.