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KYC & CDD
News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
PEPs & Sanctions
US State-Level Sanctions Imposed on Foreign Adversaries
By Mark Johnston | 04/04/2023
More than a dozen US states already restrict or prohibit foreign ownership of and investments in private agricultural land.
Cryptocurrency
HKMA, SFC to Host Discussions Between Crypto Firms & Banks
By Editors | 30/03/2023
A roundtable will take place on 28 April at the HKMA to facilitate dialogue and experience sharing regarding opening and maintaining bank accounts.
KYC & CDD
FinCEN Issues Guidance on Reporting Beneficial Ownership
By Editors | 29/03/2023
The guidance is intended to help businesses understand new beneficial ownership information reporting requirements that come into effect on 1 January 2024.
Anti-Money Laundering
26 Countries Commit to Transparent Beneficial Ownership
By Manesh Samtani | 29/03/2023
The US-led initiative commits participating countries to implementing the FATF’s revised Recommendation 24 to combat corruption.
Anti-Money Laundering
EU Lawmakers Agree New AML/CFT Rules
By Editors | 29/03/2023
Members of the European Parliament approved draft AML/CFT legislation, including plans for the new Anti-Money Laundering Authority.
KYC & CDD
AUSTRAC Issues Guidance on Employee Due Diligence
By Editors | 27/03/2023
Guidance is provided on screening and re-screening employees and contractors for money laundering and terrorism financing risks.
Cloud & Infrastructure
Hong Kong’s Fusion Bank Launches Business Banking Services
By Sanday Chongo Kabange | 23/03/2023
Fusion Bank promises SMEs a “hassle-free” account opening experience and a six month exemption on fees for new accounts.
Anti-Money Laundering
Philippine Agencies Sign Data Sharing Deal on Beneficial Ownership
By Editors | 22/03/2023
The agreement will allow the SEC to give competent authorities timely access to beneficial ownership information, in line with the FATF recommendations.
PEPs & Sanctions
UK OFSI Issues Guidance on Assessing Ownership and Control
By Editors | 20/03/2023
Updated guidance sets out expectations around the due diligence that should be performed to assess whether entities are owned or controlled by designated persons.
Fraud, Scams & Cybercrime
New Cybercrime Prevention Law Takes Effect in Thailand
By Editors | 19/03/2023
The law allows banks to temporarily suspend illicit bank accounts without having to wait for a fraud to occur.
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