Anti-Money Laundering

Anti-Money Laundering

FATF Commends China, Sri Lanka; Watchlists Cambodia

By Manesh Samtani | 26/02/2019

The Financial Action Task Force has marked the end of its fourth round of mutual evaluations with an announcement of its latest plenary session last week.

Anti-Money Laundering

AUSTRAC Trials Reporting Automation through Smart Contracts

By Editors | 26/02/2019

The proof of concept project commenced in December 2018 and aims to help reporting entities automate the reporting of international funds transfers to AUSTRAC.

Anti-Money Laundering

China Strengthens AML/CFT Regime with New Guidance

By Editors | 22/02/2019

CBIRC has released guidance to help financial institutions improve AML/CFT controls, on the heels of recent news that PBOC is scrapping its approval process for corporate accounts.

Anti-Money Laundering

AML Beyond Banking: The Increasing Scope of Global AML Regulation

By Claus Christensen | 20/02/2019

Increased transparency in the banking sector has made other avenues for money laundering gain greater prominence, writes Claus Christensen at Know Your Customer Ltd.

Anti-Money Laundering

SFC Fines Guosen Securities $1.94mn for AML Breaches

By Editors | 19/02/2019

The Hong Kong unit of Guosen Securities failed to make enquiries into or report thousands of suspicious third party deposits.

Data Privacy

Data Privacy, Cybersecurity, Conduct in Focus in APAC

By Manesh Samtani | 14/02/2019

Data privacy, conduct & culture, cybersecurity and AML will be in focus in APAC for the next three years, according to a new report from Fenergo.

KYC & CDD

PBOC to Scrap Approval Process for Corporate Bank Account Opening

By Editors | 13/02/2019

The requirement to obtain PBOC approval for opening a corporate bank account will be scrapped nationwide by year-end, starting from 25 February.

KYC & CDD

UPDATED – Multiple Indian Banks Penalised for Rule Violations

By Editors | 13/02/2019

The latest penalties involve banks’ non-compliance with RBI directions on the monitoring of borrowers’ end use of loan funds, as well as failures related to KYC/AML compliance.

Anti-Money Laundering

China Toughens Penalties for Underground Banks

By Editors | 12/02/2019

Operators of underground banks engaging in illegal forex trading and cross border transfers will face up to 5 years imprisonment, more in the most serious cases.