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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
PBOC Warns Credit Repair Firms Against Cheating Customers
By Sanday Chongo Kabange | 23/02/2022
Credit-repair service providers have been falsely telling customers they can change the information in the PBOC’s credit reporting system and delete records relating to overdue debts from credit reports.
KYC & CDD
China: Regulators Suspend Implementation of New CDD Rules
By Editors | 22/02/2022
The new rules were meant to take effect on 1 March, but implementation has been suspended “due to technical reasons”.
KYC & CDD
AUSTRAC Proposes New Guidance on Performing SoF, SoW Checks
By Editors | 22/02/2022
The draft guidance explains source of funds and source of wealth checks, and when reporting entities should perform such checks using a risk-based approach.
Anti-Money Laundering
Philippine AMLC Asks FIs to Guard Against Digital Vote-Buying
By Editors | 21/02/2022
The advisory comes in anticipation of an influx of financial activities that usually occur during elections. The Philippines has a general election on 8 May.
KYC & CDD
Tax Justice Network: Measures to Address Complex Ownership
By Manesh Samtani | 21/02/2022
Countries should ‘name and shame’ companies with highly complex ownership structures and consider forcing ‘too complex to fail’ companies to simplify.
Anti-Money Laundering
Suisse Secrets: Data Leak Reveals Criminals Clients at Swiss Bank
By Manesh Samtani | 21/02/2022
The data unearthed evidence that Credit Suisse accounts were used by clients involved in torture, drug trafficking, money laundering, corruption and other serious crimes.
Conduct, Culture & Accountability
BSP Eases Confirmation Process for Bank Directors, Officers
By Editors | 20/02/2022
The amendments aim to limit the coverage of officers requiring confirmation for appointment and to streamline documentary requirements.
Fraud, Scams & Cybercrime
Singapore Continues Work to Bolster Digital Banking Security
By Darien Choong | 18/02/2022
New measures include expanding the use of biometric technology, strengthening fraud surveillance and detection algorithms, and enabling customers to trigger account freezes.
Payments & Settlements
Bangladesh Revises Rules on Mobile Financial Services
By Sanday Chongo Kabange | 17/02/2022
The revised regulations allow financial institutions other than banks, as well as government entities, to provide mobile financial services.
Anti-Money Laundering
AUSTRAC Orders Bell Financial to Address AML Compliance Issues
By Editors | 17/02/2022
An external auditor has to be appointed to examine AML compliance at three entities within the Bell Financial Group.
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