KYC & CDD

Anti-Money Laundering

FATF Re-rates New Zealand for Progress on UBO Transparency

By Editors | 31/05/2022

The FATF says New Zealand was re-rated on Recommendation 25 due to new requirements for trusts coming into force.

Anti-Money Laundering

US Treasury Outlines Plans to Combat Illicit Finance

By Editors | 17/05/2022

Treasury highlighted efforts to address illicit finance risks associated with shell companies, all-cash real estate purchases, and virtual assets.

Fraud, Scams & Cybercrime

UK Unveils Legislative Agenda for Financial Services, Markets

By Manesh Samtani | 12/05/2022

The agenda includes support for safe crypto adoption, stronger powers to tackle illicit finance, and better fraud protections for consumers.

KYC & CDD

Wolfsberg Group Offers Guidance on Adverse Media Screening

By Editors | 12/05/2022

New FAQs highlight the need for FIs to understand how vendors evaluate data source reliability and the controls they have in place address unreliable sources.

Anti-Money Laundering

Taiwan FSC Fines KGI Bank Over Misappropriated Client Assets

By Editors | 11/05/2022

KGI Bank was fined after one employee misappropriated customer funds and another improperly executed customer transactions.

KYC & CDD

NYDFS Issues Guidance Recommending Use of Blockchain Analytics

By Editors | 05/05/2022

The guidance emphasises the importance of blockchain analytics in conducting due diligence, transaction monitoring and sanctions screening.

Cybersecurity

India: CERT-In Includes Crypto Firms in New Directions

By Manesh Samtani | 03/05/2022

The directions require crypto exchanges, custodians and wallet providers in India to retain KYC information for five years and report cyber incidents to CERT-In.

Anti-Money Laundering

MAS Issues Guidance on Uplifting Name Screening Systems

By Manesh Samtani | 30/04/2022

MAS observed an overreliance on system vendors to set the screening parameters. Most FIs did not enquire about or assess vendors’ information sources.

Conduct, Culture & Accountability

BNM Proposes Rules for Hiring Insurance, Takaful Agents

By Editors | 30/04/2022

Insurers and takaful operators must undertake a due diligence process that includes reference checks with all of an agent’s current and former employers.