Anti-Money Laundering

AI Risk & Governance

HKMA Outlines Regtech Initiatives – Speech

By Manesh Samtani | 28/09/2018

The HKMA is looking to build a more diversified regtech ecosystem in Hong Kong and urges for greater collaboration between the banking industry and technology community.

KYC & CDD

SEBI Relaxes KYC Norms for Indian Beneficial Owners of FPIs

By Editors | 26/09/2018

The latest circular allows Indians living overseas to hold only a non-controlling stake in an FPI entity, but permits them to fully control the investment manager in charge of its assets.

Supervision & Enforcement

MAS Publishes Monograph Detailing Enforcement Approach

By Manesh Samtani | 25/09/2018

Monograph outlines how MAS manages enforcement work in three areas: detection, investigations and in taking enforcement action.

KYC & CDD

Global Regulation Continues to Increase KYC Complexity – Accuity

By Editors | 18/09/2018

The KYC process has become increasingly complex, with rising costs, onerous processes and a skills shortage presenting challenges for compliance staff, says an Accuity report.

Fraud, Scams & Cybercrime

Two ICBC Branches Under Investigation for Illegal Fundraising

By Manesh Samtani | 13/09/2018

The branches sold unregistered investment products to other banks to channel funds into companies beyond what regulatory lending caps allowed.

KYC & CDD

Hong Kong FIs Share Foreign Tax Resident Data with IRD – Report

By Editors | 12/09/2018

Over 1,700 financial institutions have shared customer account balances and income details with the tax authority, as required by AEOI.

Anti-Money Laundering

Japanese Banks in Process of Closing Yakuza-Related Bank Accounts

By Garima Chitkara | 06/09/2018

According to a survey of Japanese banks, around half the members are in the process of closing bank accounts belonging to gang members, with 1300 accounts closed as of May; 4300 such accounts still remain in the banking system.

KYC & CDD

SEBI to Review KYC Rules for FPIs Amid Criticism from Fund Industry

By Garima Chitkara | 06/09/2018

SEBI says fund industry’s claims that new rules barring non-resident Indians from investing via the FPI route will lead to $75bn in outflows is “preposterous”, but has agreed to review the norms and provide recommendations.

Anti-Money Laundering

What You Need to Know About the EU’s 5th AML Directive

By ComplyAdvantage | 05/09/2018

The Fifth Money Laundering Directive (5MLD) will come into force on the 10 January 2020, with far-reaching impacts aimed at addressing weaknesses in the EU’s AML/CFT regime that have come to light since the enactment of 4MLD in June 2017.