KYC & CDD

KYC & CDD

China Asks Banks to Facilitate ‘New Forms’ of International Trade

By Darien Choong | 16/11/2021

With the new rules, the PBOC says it hopes to achieve unified regulation of domestic and foreign currency settlement for new forms of offshore trade.

CBDCs

PBOC Seeks to Enhance CBDC Design and Functionality

By Manesh Samtani | 11/11/2021

The PBOC will improve the e-CNY’s settlement efficiency, privacy protection, anti-counterfeiting measures, and interoperability with existing payment tools.

KYC & CDD

Wolfsberg Group Endorses ISO 20022 Screening Guidelines

By Sanday Chongo Kabange | 11/11/2021

Wolfsberg Group says the adoption of ISO 20022 enables improved adherence to the group’s own ‘Payments Transparency Principles’.

KYC & CDD

Australia Launches New Director ID Regime

By Editors | 07/11/2021

Directors will face penalties for not applying for a director ID on time, for providing false ID information, or intentionally applying for multiple director IDs.

Anti-Money Laundering

Japan to Require Companies to Disclose Major Shareholders

By Editors | 03/11/2021

Banks will be able to ask companies to submit information about their major shareholders when opening accounts or making loans.

KYC & CDD

Trust but Verify: Establishing a Client’s Source of Wealth

By Editors | 01/11/2021

The Pandora Papers provide a stark reminder of the importance of having a robust risk assessment process in place for due diligence and source of wealth checks.

KYC & CDD

IFC to Develop e-KYC Infrastructure for Bangladesh

By Editors | 31/10/2021

International Finance Corporation will help Bangladesh’s FIU develop e-KYC infrastructure to advance digital transformation and financial inclusion.

KYC & CDD

RBI Orders Banks to Report Data on Borrower Relationships

By Ranamita Chakraborty | 27/10/2021

The RBI said it has observed “a low level of relationship segment details” in the databases of credit information companies.

KYC & CDD

PBOC Issues Guidance on Risk-based Account Opening

By Editors | 26/10/2021

Banks are required to establish a classification and hierarchical management system for SME bank accounts by the end of the year to ensure proper risk control.