KYC & CDD

Anti-Money Laundering

FATF Addresses Pandora Papers With New BO Requirements

By Manesh Samtani | 21/10/2021

The FATF proposes countries be required to assess the AML/CTF risks associated with foreign-created legal persons, and take steps to manage and mitigate them.

Anti-Money Laundering

SFC Penalises IPO Sponsor Over Substandard Due Diligence Work

By Editors | 18/10/2021

Ample Capital Limited failed to conduct adequate due diligence on suspicious cash settlements and to keep proper records of its due diligence work.

Data Privacy

RBI to Allow Foreign Banks to Store Limited Data Overseas

By Editors | 14/10/2021

Following meetings with foreign banks, the RBI will allow certain static data to be stored in offshore locations for AML and sanctions screening purposes.

Fraud, Scams & Cybercrime

Hong Kong Police Arrest 32 Over PLGS Loan Fraud

By Sanday Chongo Kabange | 13/10/2021

A syndicate with triad links allegedly use cold calls and posed as bank staff to lure victims into the illicit scheme promising government-guaranteed low-interest loans.

KYC & CDD

Singapore: Exemptions for Foreign Offices of FIs Take Effect

By Editors | 10/10/2021

Under the new ‘Branch Framework’, Singapore FIs have to assess whether their overseas representatives are acting on behalf of the Singapore office or the foreign office.

Anti-Money Laundering

FATF Re-rates China on Six Recommendations

By Manesh Samtani | 10/10/2021

The FATF acknowledges work underway to revise China’s AML laws to bring DNFBPs into scope and set a foundation for a new beneficial ownership regime.

Anti-Money Laundering

New Zealand Consults on Broad Changes to AML/CFT Act

By Manesh Samtani | 07/10/2021

Changes being considered include the introduction of a new registration regime for all AML/CFT businesses, a licensing regime for VASPs, and direct penalties for senior managers.

Anti-Money Laundering

First Taiwan Crypto Exchange Reports on AML Compliance

By Mark Johnston | 07/10/2021

Eight crypto exchanges were asked to submit AML compliance statements to the regulator by the end of November.

Fraud, Scams & Cybercrime

HKMA Issues Guidance on Preventing eDDA Fraud

By Editors | 06/10/2021

The HKMA provides good practices banks can use to guard against different fraud scenarios when offering electronic direct debit authorisation services.