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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
Data Privacy
Virtual Banking and Consent-based Data Governance
By Manesh Samtani | 27/01/2022
New BIS paper says consent-based data governance systems with low transaction costs are key to promoting the development of virtual banking worldwide.
Tokenisation
Will 2022 Be the Year of NFT Regulation?
By Javier Tamashiro | 27/01/2022
The jury is still out on how the NFT arena will be regulated, but marketplaces should still be applying a baseline standard of compliance practice, says Javier Tamashiro.
Anti-Money Laundering
PBOC Finalises CDD Rules, Launches Nationwide AML Campaign
By Manesh Samtani | 27/01/2022
New rules effective from 1 March impose stricter requirements on beneficial owner identification and verification, including for non-bank financial firms.
Fraud, Scams & Cybercrime
COSMIC Will Yield Significant and Far Reaching Benefits
By Jamil Ahmed | 26/01/2022
Singapore is taking a leap forward in how its financial services industry detects and combats financial crime, says Jamil Ahmed.
Anti-Money Laundering
‘Focus on Fundamentals’ Could be Financial Crime Achilles Heel
By Bradley Maclean | 26/01/2022
New research suggests more meaningful financial crime prevention may be achieved with targeted investments in higher risk areas.
Anti-Money Laundering
FinCEN to Allow FIs to Share SARs with Foreign Affiliates
By Editors | 25/01/2022
A limited-duration pilot programme would permit FIs to share SARs and information related to SARs with foreign branches, subsidiaries, and affiliates.
KYC & CDD
Taiwan FSC to Explore Digital Identity Via Thematic Sandbox
By Editors | 24/01/2022
‘Digital Identity Authentication and Authorisation’ was selected as the theme for the sandbox, to promote more convenient and secure access to financial services.
Anti-Money Laundering
MAS Fines Vistra Trust for Failures in AML Controls
By Editors | 20/01/2022
Vistra failed to identify certain higher risk accounts and to subject these accounts to EDD measures, both during account acquisition as well as on an ongoing basis.
KYC & CDD
SFC Fines Zhonghui International Futures for KYC/AML Failures
By Manesh Samtani | 20/01/2022
This is the second fine imposed against a firm over the use of a customer supplied system called Xinguanjia, which allows the creation of subaccounts that can be operated by a third party.
Anti-Money Laundering
KoFIU Unveils AML Supervision & Inspection Plan for 2022
By Sanday Chongo Kabange | 18/01/2022
KoFIU will begin inspections on VASPs, financial institutions, casinos and mutual finance companies starting February.
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