Anti-Money Laundering

KYC & CDD

HKMA Sets Out AML/CFT Best Practices for SME Onboarding

By Editors | 17/06/2019

A thematic review has concluded that authorised institutions have in general applied the risk-based approach to AML/CFT measures, but there is room for improvement.

Anti-Money Laundering

AUSTRAC Orders Audit of Afterpay’s AML Compliance

By Editors | 14/06/2019

AUSTRAC has ordered ‘buy-now, pay-later’ service firm Afterpay to undergo an independent audit to its compliance with AML/CTF laws.

KYC & CDD

Automatic Exchange of Information is Working, Says OECD

By Ralph Cunningham | 13/06/2019

New data from the OECD indicates that Hong Kong and Singapore are adhering to tighter global standards on tax transparency.

Anti-Money Laundering

MAS Consults on AML/CFT Notices for Payment Services

By Manesh Samtani | 07/06/2019

The first Notice covers account issuance, money transfers and money changing services. The second Notice sets out a separate framework for digital payment tokens.

Conduct, Culture & Accountability

Finance Should be a Force for Good: MAS

By Garima Chitkara | 05/06/2019

Financial institutions need to build trust, inclusivity and sustainability in order to be a force for good, MAS managing director Ravi Menon said in a speech on Monday.

Anti-Money Laundering

Managing Regulatory Change as a Business-as-usual Activity

By Rachel Woolley | 05/06/2019

By laying the groundwork, identifying key goals and developing processes, regulatory change management can be a business-as-usual activity, says Fenergo’s Rachel Woolley.

Cryptocurrency

FSB Issues Report to G20 on Crypto-Asset Regulation

By Manesh Samtani | 04/06/2019

Forward-looking risk assessments are needed in crypto-asset markets to identify trends that may give rise to financial stability and other risks and assess their potential significance early on.

KYC & CDD

FSB Details Progress to Address Decline in Correspondent Banking

By Editors | 03/06/2019

The number of active correspondent banks declined by 3.4% in 2018, bringing the cumulative decline since 2011 to 19.3 percent.

Anti-Money Laundering

SFC Asks Licensed Firms to Review Controls on Third-Party Deposits

By Editors | 01/06/2019

Senior management will be held accountable for failures to put in place effective policies, procedures and controls for handling third-party deposits and payments.