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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
AsiaVerify Recognised for KYC Capabilities in Regulation Asia Awards
By Editors | 10/12/2021
AsiaVerify provides real-time data for the verification of business partners, corporate customers and individual clients in key Asian markets, most notably China.
Anti-Money Laundering
FinCEN to Tighten Rules on Beneficial Ownership, Real Estate Deals
By Manesh Samtani | 09/12/2021
The proposed rules are aimed at protecting the US financial system from money laundering enabled by shell companies and all-cash real estate deals.
KYC & CDD
Thailand Set to Launch ID Checking System for Foreign Bond Investors
By Mark Johnston | 08/12/2021
Beginning 4 January 2022, all non-resident investors trading debt securities must register with the BOT and settle trades through segregated securities accounts.
Anti-Money Laundering
BNM Unveils Initial Findings of Malaysia National Risk Assessment
By Mark Johnston | 05/12/2021
BNM is using technology to improve its risk-based supervision, intelligence analysis, data science techniques and off-site surveillance.
Anti-Money Laundering
Environmental Crime, A Global Security Issue
By Manesh Samtani | 01/12/2021
Interpol’s Rory Corcoran says environmental crime is funding global terrorism and organised crime, while also impacting the sustainability agenda.
KYC & CDD
MAS Proposes Amendments to the Business Trusts Act
By Editors | 25/11/2021
Business trusts will have to obtain and maintain information on beneficial ownership and disclose their CEOs’ interests in transactions.
Anti-Money Laundering
The Rising Standards of AML/CFT Compliance in Hong Kong
By Susanne Harris | 22/11/2021
Mayer Brown’s Susanne Harris, Wei Na Sim, Alan Linning and Charlene Wong discuss key developments in the AML/CFT space in Hong Kong in 2021.
Anti-Money Laundering
HKMA Penalises Four Banks for AML Violations
By Editors | 21/11/2021
ICBC (Asia), UBS, CCB (Asia) and CTBC Bank were fined a combined HK$44.2mn for deficiencies in customer monitoring, periodic reviews and due diligence.
Capital Adequacy
Sri Lanka Budget Imposes Heavy Burden on Financial Industry
By Duruthu E Chandrasekera | 18/11/2021
Sri Lankan bankers estimate that nearly 50 percent of the proposed LKR 304 billion in the budget will come from the financial services industry.
Anti-Money Laundering
Korea FSS Orders KakaoBank to Bolster AML Controls
By Editors | 18/11/2021
The FSS said KakaoBank’s weak monitoring has resulted in the lender’s failure to flag suspicious overseas money transfers on several instances.
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