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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    Anti-Money Laundering

    New Singapore Bills Target Money Mules, Singpass Abuse

    By Manesh Samtani | 18/04/2023

    The MHA and SNDGO proposed amendments that will empower the police to prosecute money mules and those who sell and trade Singpass credentials.

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    Anti-Money Laundering

    Australia Revisits ‘Tranche 2’ AML Reforms – Report

    By Editors | 17/04/2023

    The government is expected to settle its position on AML reforms this month that could cover the real estate, accounting and legal professions.

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    Fraud, Scams & Cybercrime

    Hong Kong Police Bust SIM Card Fraud Ring Linked to Triads

    By Mark Johnston | 16/04/2023

    The suspects registered SIM cards with fake IDs and sold them to scammers who created social media accounts to lure victims.

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    Fraud, Scams & Cybercrime

    Hong Kong Announces New Measures to Combat Phone Scams

    By Editors | 12/04/2023

    Implementation of an “SMS sender name” registration system will begin in the banking industry by the end of this year.

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    KYC & CDD

    US State Regulators Fine Robinhood for Causing Investor Harm

    By Editors | 11/04/2023

    Robinhood disseminated inaccurate information to customers and did not have a reasonably designed customer identification programme, among other failures.

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    KYC & CDD

    Singapore to Set Crypto Client Onboarding Standards for Banks

    By Editors | 10/04/2023

    The “industry-driven project” has been ongoing for about six months, with participation from MAS and Police in a banks-led working group.

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    KYC & CDD

    BSP Issues New CDD Rules to Support PhilSys Enabled e-KYC

    By Sanday Chongo Kabange | 07/04/2023

    The PhilSys national digital ID system is acceptable for e-KYC, provided it is supported by “robust technology, adequate governance, processes, and procedures”.

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    Cryptocurrency

    UPDATED – Binance Faces Added Regulatory Pressures Amid CFTC Charges

    By Editors | 05/04/2023

    Dubai’s VARA is asking Binance for more information. ASIC is meanwhile reviewing Binance’s Australia derivatives business and has cancelled its licence.

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    Cryptocurrency

    FTX EU Begins Allowing Customers to Withdraw Funds

    By Editors | 05/04/2023

    FTX EU set up a website through which balances can be verified and requests for withdrawals in fiat currency can be made.

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    Market Abuse

    SEBI Probing Related Party Transactions at Adani Group

    By Editors | 04/04/2023

    SEBI is probing three offshore entities which entered into investment transactions with unlisted Adani Group units over the last 13 years.

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