KYC & CDD

Anti-Money Laundering

Singapore Jails Nominee Director for Facilitating Illicit Activities

By Editors | 29/03/2022

The director of corporate service provider 3E Accounting served as local resident director of four companies whose bank accounts were used to receive criminal proceeds.

KYC & CDD

CSRC Fines Securities Firm Over Client Records Management

By Editors | 29/03/2022

Shenwan Hongyuan Securities failed to appropriately manage its online investment advisory business on Ant Group’s wealth management app.

Cryptocurrency

OECD Proposes Tax Reporting Framework for Crypto-assets

By Editors | 27/03/2022

The framework would require intermediaries to identify their customers and their tax jurisdictions, and then report their aggregate transaction values annually.

Fraud, Scams & Cybercrime

SFC Sets Out Expectations on Managing BEC Risk

By Manesh Samtani | 24/03/2022

Most successful business email compromise frauds occurred because LCs did not check or verify the identities of email senders or they ignored red flags.

KYC & CDD

New Zealand Pledges to Enhance Beneficial Ownership Transparency

By Manesh Samtani | 23/03/2022

A new bill will require companies to provide accurate beneficial ownership information. A unique identifier will be assigned to all beneficial owners and directors.

KYC & CDD

GLEIF Welcomes LEI System’s First India Validation Agent

By Editors | 22/03/2022

Rubix Data Sciences has become the first India-based Validation Agent within the Global LEI System, and the sixth globally.

KYC & CDD

RBI Orders Paytm Payments Bank to Stop Onboarding Clients

By Editors | 19/03/2022

The bank reportedly violated rules by allowing data to flow to servers overseas and did not properly verify thousands of customers.

PEPs & Sanctions

NZ Regulators Issue Guidance on Russia Sanctions Compliance

By Manesh Samtani | 19/03/2022

The guidance highlights the need for reporting entities to conduct due diligence to understand who has effective control or beneficial ownership of legal structures.

Anti-Money Laundering

AUSTRAC Proposes Amendments to AML/CTF Rules

By Sanday Chongo Kabange | 16/03/2022

A new consultation paper proposes to exempt FIs that are already enrolled with AUSTRAC from registration on the DCE Register when offering digital currency exchange services.