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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
Fraud, Scams & Cybercrime
Taiwan Banks Warned of Credit Card Fraud Via Digital Wallets
By Editors | 04/07/2022
The FSC asked the Bankers Association to amend its guidances to ensure consumers get notifications when their credit card is added to a digital wallet.
Anti-Money Laundering
FATF Seeks Views on Improvements to Recommendation 25
By Editors | 30/06/2022
The review is intended to improve Recommendation 25 and its Interpretive Note to better meet its stated objective to prevent the misuse of legal arrangements.
KYC & CDD
Canadian Banks Collaborate on KYC Utility Project
By Editors | 30/06/2022
The five banks will collaborate with CanDeal Group to create a common data and regulatory experience for the industry.
KYC & CDD
Corporate Registries Should Issue LEIs in Bulk: BIS Paper
By Manesh Samtani | 25/06/2022
Bulk LEI issuance by corporate registries would enhance the efficiency and reliability of data collection and reduce the per-company cost of applying for an LEI.
KYC & CDD
PBOC Eases Overseas Transactions Rules for Domestic Payment Firms
By Darien Choong | 23/06/2022
Domestic payments institutions can use the cross-border CNY settlement services of banks for e-commerce and ‘new models’ of foreign trade.
Anti-Money Laundering
UK Crypto Firms Required to Comply with Travel Rule by Sep 2023
By Manesh Samtani | 20/06/2022
The UK scrapped a proposal to require both fiat currency and cryptoasset transfers to be considered when calculating the de minimis threshold, which has been set at EUR 1,000.
Anti-Money Laundering
FATF Re-rates UK for Progress on Correspondent Banking
By Editors | 14/06/2022
The FATF also commends the UK for progress made to expand its FIU’s ability to conduct operational analysis.
DeFi & Web3
Regulating the Metaverse: A “Metacode” of Conduct
By Kanv Pandit | 14/06/2022
Kanv Pandit highlights the need for a ‘metacode of conduct’ to protect metaverse users from loss and fraud until regulation catches up.
Market Abuse
SFC Proposes SFO Revisions to Improve Enforcement Tools
By Sanday Chongo Kabange | 13/06/2022
The amendments relate to SFO provisions on remedial orders, insider dealing, and advertising of investment products.
Fraud, Scams & Cybercrime
More Chinese Firms Fall Under India Probe for ‘Irregularities’
By Editors | 02/06/2022
The MCA says it has received information that indicates potential violations including fraud by Chinese companies operating in India.
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