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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
KYC & CDD
Taiwan to Streamline Identity Checks for Cross-border Remittances
By Darien Choong | 10/07/2022
The customer identity verification process for regular and reasonable cross border remittances can be further streamlined, the FSC said.
Anti-Money Laundering
Chinese Phonemaker Vivo Accused of Evading Tax in India
By Editors | 09/07/2022
Vivo is alleged to have made remittances via Hong Kong to China to disclose losses in India and avoid domestic tax payments.
KYC & CDD
No Specific Customer Type is Automatically Higher Risk: US Agencies
By Manesh Samtani | 09/07/2022
Banks should use a risk-based approach when managing customer risk, and not decline to provide banking services to entire categories of customers.
Tokenisation
Chinese Bigtechs Pledge to Prevent, Deter NFT Speculation
By Editors | 07/07/2022
Tencent and Ant Group are among those that have pledged to adhere to China’s crypto ban and prevent speculation on platforms that deal in ‘digital collectibles’.
Cybersecurity
GLEIF Launches vLEI Issuer Qualification Programme
By Manesh Samtani | 07/07/2022
The vLEI is a digital version of the LEI which can be securely verified online against the source information held in GLEIF’s data repository.
Anti-Money Laundering
Puerto Rico Forces Closure of Bank Involved in Global Tax Probe
By Manesh Samtani | 06/07/2022
Peter Schiff’s Euro Pacific Bank was forced to close over capital shortfall and regulatory violations. The bank has been at the centre of a global tax evasion probe.
PEPs & Sanctions
UK Sanctions More Russians, Restricts More Belarusian Trade
By Editors | 06/07/2022
Last week, the UK Parliament’s Foreign Affairs Committee published a report calling on the government to “act now” to tackle the flow of illicit finance through London.
Anti-Money Laundering
New Zealand DIA Publishes Guidance on AML/CFT Approach & Strategy
By Sanday Chongo Kabange | 06/07/2022
The first publication covers the DIA’s approach to regulating AML/CFT. The second outlines how the DIA uses its compliance and enforcement toolkit.
Anti-Money Laundering
US Bill Set to Bring Gatekeepers into Scope of AML Rules
By Editors | 05/07/2022
The Enablers Act would require financial advisers, lawyers, art and antiquities traders to perform due diligence on their clients and file SARs.
Anti-Money Laundering
FATF Outlines Priorities, Objectives for Singapore Presidency
By Editors | 04/07/2022
The Singapore Presidency will focus on areas such as asset recovery, cybercrime, virtual assets, beneficial ownership, data analytics and corruption.
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