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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
KYC & CDD
CBIRC Directs Banks to Ease Account Opening for Small Businesses
By Darien Choong | 05/01/2022
Banks may not refuse to open accounts for small and micro enterprises on the grounds that they have few staff or insufficient bank deposits.
KYC & CDD
PBOC, SAFE Call on Banks to Facilitate Offshore Trade
By Editors | 05/01/2022
A new notice encouraging banks to support the development of new models of international trade comes just as RCEP took effect on 1 January 2022.
Data Privacy
Taiwan FSC Issues New Data Sharing Guidelines for FIs
By Editors | 02/01/2022
Data may be shared between FIs, subject to consent, if it can enhance customer convenience, improve operations, or facilitate cooperative business arrangements or partnerships.
Anti-Money Laundering
PBOC Set to Establish Beneficial Ownership Register
By Manesh Samtani | 27/12/2021
Companies, partnerships, and branches of foreign companies will have until 1 March 2023 to file their beneficial ownership information.
Cloud & Infrastructure
HKMA Asks Banks for ‘Active Participation’ in CDI Initiative
By Editors | 23/12/2021
The HKMA is seeking to link the new CDI to the Commercial Credit Rating Agency and Companies Registry to enhance risk management in the banking industry.
Anti-Money Laundering
HKMA Fines ePaylinks Technology for AML/CTF Breaches
By Editors | 20/12/2021
SVF licensee ePaylinks had deficiencies in its transaction monitoring and name screening systems, and failed to take enhanced measures in high risk situations.
Anti-Money Laundering
Taiwan Amends AML Rules to Prevent Risk in Overseas Remittances
By Editors | 19/12/2021
The amendments specify obligations to ensure policies, procedures and internal controls are in place to prevent risks associated with overseas remittances.
KYC & CDD
New Zealand DIA, FMA Issue Directions on Outsourced CDD
By Editors | 19/12/2021
Outsourced CDD does not exist in isolation from reporting entities’ wider CDD procedures and obligations, the DIA and FMA said.
Anti-Money Laundering
SFC Fines Mason Securities for AML Breaches
By Editors | 17/12/2021
In deciding the disciplinary sanction, the SFC took into account the “extensive period of time” over which the failures occurred.
Anti-Money Laundering
FinCEN Seeks Comments on Modernising US AML/CFT Regime
By Sanday Chongo Kabange | 15/12/2021
FinCEN’s review of BSA regulations will help it to identify regulations and guidance that are out-dated, redundant, inefficient, or unfit for purpose.
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