KYC & CDD

KYC & CDD

Taiwan FSC Again Fines HK Firm for Faulty Beneficiary Disclosure

By Editors | 14/08/2022

Hong Kong-based Capital Target was fined last May and ordered to reduce its shareholdings in a Taiwanese financial conglomerate.

Anti-Money Laundering

Former BitMEX Exec to Pay Fine for Violating AML Law

By Editors | 11/08/2022

The US Attorney previously secured judgments against the firm’s three co-founders for violating US derivatives laws and AML rules.

KYC & CDD

SEBI Issues Rules on Trading Account Deactivation for Inadequate KYC

By Editors | 09/08/2022

Trading or demat accounts will be automatically deactivated if a show-cause notice or order issued by SEBI is undeliverable at the addresses mentioned in KYC records.

Payments & Settlements

FSB Gives Full Support to Wide LEI Use in Global Payments

By Clare Rowley | 09/08/2022

The FSB’s recommendation that the LEI should be used more widely in payments will catalyze increased global LEI adoption, says GLEIF’s Clare Rowley.

KYC & CDD

SFC Fines TC Capital for Due Diligence Failures in Sponsor Work

By Editors | 03/08/2022

The SFC said there was a need to send a “strong deterrent message” to the industry and market that “sponsor failures will not be tolerated”.

KYC & CDD

UK Launches UBO Register for Foreign-owned Property

By Manesh Samtani | 03/08/2022

The register requires foreign buyers of UK property to disclose their true beneficial ownership and verify their identities with Companies House.

Anti-Money Laundering

FATF Issues Final AML Guidance for Real Estate Sector

By Editors | 27/07/2022

The guidance sets out the primary risks for the real estate sector and the measures needed to take adequately mitigate these risks.

Anti-Money Laundering

SFC Fines Fourth Broker Over Use of ‘Xinguanjia’ Trading Software

By Manesh Samtani | 26/07/2022

The software enabled Mainland investors to trade in Hong Kong without having to open a local securities account. Rifa Futures was fined HKD 9 million for AML and other failures.

KYC & CDD

Panel 4: Follow the Crypto: Overcoming SoW/SoF Challenges with Digital Assets

By Editors | 26/07/2022

This panel explores how financial institutions maintain high standards for SoW/SoF checks while still meeting the needs of digitally enabled consumers.