KYC & CDD

    News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.

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    Trade Based Money Laundering

    Combatting TBML Through Beneficial Ownership and Enhanced Transparency

    By Jeremy Moller | 02/05/2023

    Jeremy Moller discusses TBML trends, indicators, and how Australia’s proposed beneficial ownership registry could help mitigate this threat.

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    KYC & CDD

    HKMA Offers Guidance on VASP Account Opening

    By Manesh Samtani | 28/04/2023

    Deputy chief Arthur Yuen said the HKMA expects regulated VASPs to be able to open a bank account in Hong Kong through a reasonable process.

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    Anti-Money Laundering

    BSP Issues Guidance on Effective Transaction Monitoring

    By Sanday Chongo Kabange | 27/04/2023

    The guidance calls on regulated financial institutions to bolster their TM systems, highlighting the importance of board of senior management involvement.

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    Fraud, Scams & Cybercrime

    HK Bank-to-bank Information Sharing Platform to Launch in June

    By Manesh Samtani | 26/04/2023

    Authorities are also considering co-locating bank staff at the ADCC, as this has helped to reduce stop payment response times and enhance loss recoveries in other jurisdictions like Singapore.

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    Anti-Money Laundering

    US Treasury Sets Out Strategy to Address De-risking

    By Editors | 26/04/2023

    Regulations could be introduced to require FIs to take financial inclusion into consideration in the design of their AML/CFT programmes.

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    PEPs & Sanctions

    Lack of Vessel Ownership Data an Indicator of High Risk

    By Manesh Samtani | 20/04/2023

    69.2% of vessels with unknown beneficial owners have engaged in risky or sanction-violating behaviour, report finds.

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    Structural Regulation

    UK Regulators Announce Next Steps for Open Banking Regime

    By Mark Johnston | 18/04/2023

    A new body will be created to boost the uptake of open banking in the UK and extend its benefits to other sectors of the economy.

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    Conduct, Culture & Accountability

    BNM Issues New Rules for Hiring Insurance, Takaful Agents

    By Sanday Chongo Kabange | 18/04/2023

    BNM is working with industry associations to develop a centralised database of agents to ease the due diligence and reference-checking requirements.

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    KYC & CDD

    GDF Consults on Wolfsberg-style DDQ for VASPs

    By Editors | 18/04/2023

    The questionnaire is intended for use by VASPs and other financial institutions including banks for onboarding VASPs.

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    KYC & CDD

    GLEIF Maps LEIs to Records in OpenCorporates Database

    By Editors | 18/04/2023

    The mapping exercise will ensure the “highest quality reference data” is quickly and easily available to all, said GLEIF CEO Stephan Wolf.

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