KYC & CDD

Fraud, Scams & Cybercrime

India Raids Payment Firms in Digital Lending App Probe

By Editors | 06/09/2022

The Enforcement Directorate said digital loan app providers involved in extortion and harassment of members of the public are controlled and operated by Chinese persons.

Data Privacy

RBI Issues New Guidelines on Digital Lending

By Sanday Chongo Kabange | 06/09/2022

The guidelines are applicable to existing customers availing fresh loans and new customers getting onboarded. Existing digital loans must be in compliance by 30 November.

Anti-Money Laundering

SFC Suspends Rifa Futures Exec Over ‘Xinguanjia’ Trading Software

By Editors | 06/09/2022

In July, Rifa Futures became the fourth firm to be fined over the use of Xinguanjia. The firm’s managing director has now been suspended for 8 months.

Anti-Money Laundering

Myanmar Warns Against Illegal Foreign Exchange Trading

By Mark Johnston | 29/08/2022

The central bank warned that serious action will be taken against online businesses that are found to be illegally buying and selling foreign currencies.

KYC & CDD

HKMA Fines Commerzbank for CDD & PEP Screening Failures

By Editors | 29/08/2022

The HKMA found control lapses in onboarding due diligence as well as ineffective procedures for determining whether beneficial owners were PEPs.

Anti-Money Laundering

MAS Issues AML Guidance for External Asset Managers

By Manesh Samtani | 25/08/2022

The guidance covers governance, risk assessment frameworks, customer due diligence, enhanced CDD, and suspicious transaction reporting.

Anti-Money Laundering

Wolfsberg Group Issues Guidance on Correspondent Banking RFIs

By Editors | 24/08/2022

When used to its “fullest potential”, the RFI process can provide insights into how respondents’ AML/KYC programmes work in practice.

Market Abuse

SEC Charges 18 for Manipulation Using Hacked Trading Accounts

By Editors | 18/08/2022

The hackers broke into at least 31 US retail brokerage accounts to buy stock to drive up prices and exit their positions at artificially high prices.

Anti-Money Laundering

Philippine AMLC Tightens Requirements on DNFBPs

By Editors | 18/08/2022

Updated AML/CFT guidelines require DNFBPs to submit proof that their proprietors, partners, directors and principal officers have attended an AML seminar.