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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
Anti-Money Laundering
FinCEN Proposes Rules on Access to Beneficial Ownership Information
By Editors | 18/12/2022
The proposed rule also sets out requirements for institutions to have systems and controls to securely store beneficial ownership information and limit its access.
Anti-Money Laundering
EU Council Agrees Position on AML/CFT Reform Package
By Manesh Samtani | 11/12/2022
The package includes AML/CFT rules for the crypto sector and a ban on cash payments over EUR 10,000, among other measures.
KYC & CDD
Luxembourg Restores Partial Access to Beneficial Owners Register
By Editors | 10/12/2022
Access is being reinstated for journalists and certain professionals that require beneficial ownership information for AML/CFT.
KYC & CDD
AUSTRAC Issues Guidance to Help Customers Without Standard IDs
By Editors | 09/12/2022
The guidance will help FIs develop alternative customer identification and verification procedures to help customers that are unable to meet standard ID requirements.
Anti-Money Laundering
Hong Kong Legislative Council Passes AML/CTF Amendment Bill
By Manesh Samtani | 08/12/2022
New licensing regime for VASPs will start on 1 June 2023. New registration regime for precious metals dealers will start on 1 April 2023.
Anti-Bribery & Corruption
FCA Fines Julius Baer UK Unit for Over ‘Corrupt’ Finders Fees
By Editors | 03/12/2022
Julius Baer improperly paid “corrupt” finder’s fees to a Yukos Group employee in exchange for business from the now-defunct Russian conglomerate.
Anti-Money Laundering
AUSTRAC Commences Court Proceedings Against Star Casinos
By Manesh Samtani | 01/12/2022
Star Sydney and Star Queensland breached one section of the law 1,189 and 325 times, respectively. Both are accused of “an innumerable number” of other breaches.
Market Data & Technology
GLEIF Enables LEI Mapping for S&P Global Company IDs
By Editors | 30/11/2022
GLEIF already provides ISIN-LEI, BIC-LEI and MIC-LEI mapping certification, and has been encouraging data vendors to map their identifiers to the LEI.
KYC & CDD
EU States Start Closing Access to Beneficial Owners Registers
By Manesh Samtani | 28/11/2022
Luxembourg, Netherlands, Belgium, Austria and Malta have closed public access to their beneficial ownership registers following an EU Court of Justice ruling.
Anti-Money Laundering
VPBank, Oracle Recognised for Outstanding AML Programme Implementation
By Editors | 23/11/2022
VP Bank and Oracle Financial Services, who were recognises for the implementation of a comprehensive AML programme at VPBank, the first of its kind in Vietnam.
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