Anti-Money Laundering

Anti-Money Laundering

PBOC Fines BNP Paribas China Unit, Three Execs for AML Violations

By Editors | 01/06/2020

The bank and three executives were fined for failing to perform customer identification obligations and report large and suspicious transactions.

Anti-Money Laundering

Are Criminals Winning at Covid-19? Not Without a Fight

By Editors | 27/05/2020

Advances in digital identification technology can mitigate the unpleasant rise in pandemic-related financial crime. A top regulator, banker and lawyer join forces with Refinitiv to discuss how.

KYC & CDD

India to Tighten KYC Rules for Hong Kong, China FPIs

By Manesh Samtani | 26/05/2020

Alongside stricter KYC procedures during FPI registration, India may set a 10% beneficial ownership cap on foreign investment from China including Hong Kong.

Anti-Money Laundering

Myanmar: YSX, Securities Firms Directed to Enhance AML Controls

By Editors | 25/05/2020

The YSX is asked to strengthen internal controls and establish an audit committee; six securities firms are asked to address document collection and record-keeping deficiencies.

Cryptocurrency

BSP Prepares Guidelines to Regulate Virtual Asset Service Providers

By Editors | 21/05/2020

The BSP may require higher capital requirements for VASPs based on their scope, scale of operations and complexity of operations.

Anti-Money Laundering

Westpac Removes EY as Auditor for Upcoming Risk Review – Report

By Editors | 20/05/2020

EY’s 2017 review of Westpac highlighted poor data quality, outdated infrastructure, incompatible systems, capacity issues, manual workarounds and historical underinvestment.

Anti-Money Laundering

Cambodia Approves Draft Laws to Curb Money Laundering

By Editors | 20/05/2020

The draft bills were reportedly motivated by Cambodia’s placement on the FATF’s ‘grey-list’ last year, which impacts foreign investment and the economy.

Anti-Money Laundering

SFC Reprimands, Fines Southwest Securities for AML/CFT Failures

By Editors | 18/05/2020

The brokerage failed to implement adequate and effective policies and procedures to mitigate AML/CFT risks associated with third party deposits.

Structural Regulation

FSC Korea Targets ASEAN Expansion in Financial Hub Plan

By Editors | 18/05/2020

A new three-year plan to establish Korea as a financial hub involves regulatory reforms to promote innovation, enhance domestic infrastructure, and build its ASEAN presence.