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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
Anti-Money Laundering
Pandora Papers Expose Offshore Wealth of Public Officials
By Manesh Samtani | 05/10/2021
Some 35 current and former leaders are featured in the Pandora Papers leak, which contains 11.9 million documents from 14 offshore services firms.
KYC & CDD
PBOC Directs Banks to Offer ‘Simple’ Account Opening
By Editors | 03/10/2021
Banks are asked to relax documentary requirements and provide simple personal account opening services, making use of external data to verify customer identities.
Anti-Money Laundering
MAS to Deploy Information Sharing Platform for AML/CFT
By Manesh Samtani | 03/10/2021
The COSMIC platform will be developed and deployed in phases. The initial participants are DBS, OCBC, UOB, StanChart, Citibank and HSBC.
KYC & CDD
BSP Updates e-KYC Guidelines for Financial Institutions
By Ranamita Chakraborty | 03/10/2021
The guidelines include national digital ID system PhilSys as an accepted method for verifying customer identities, subject to proper authentication.
Anti-Money Laundering
NZ FMA Toughens Approach to AML Non-Compliance
By Manesh Samtani | 30/09/2021
The FMA’s James Greig noted a lower tolerance for AML/CFT non-compliance, given the regime has been in place for eight years.
Cryptocurrency
Korean VASPs Barred From Trading Native Tokens
By Sanday Chongo Kabange | 29/09/2021
A new conflict of interest rule bars VASPs from trading native tokens and their staff from trading virtual assets on their own platforms.
KYC & CDD
MAS Publishes Compliance Toolkit for Trust Companies
By Editors | 28/09/2021
The toolkit provides guidance on applications to be submitted to MAS for approval, as well as notifications and reporting requirements.
Anti-Money Laundering
HKMA Identifies AML/CFT Gaps in Stored Value Facilities
By Sanday Chongo Kabange | 27/09/2021
The HKMA flagged issues related to risk assessments, business partner arrangements, customer risk assessments, and transaction monitoring.
Anti-Money Laundering
FATF Report Highlights Opportunities for Japan’s FIs
By Matthew Field | 24/09/2021
Matthew Field discusses how Japan’s FIs can enhance the maturity of their AML programmes through a data-driven approach that places the customer entity in focus.
Cryptocurrency
Korea: Deadline for Crypto Exchanges to Register Arrives
By Sanday Chongo Kabange | 23/09/2021
Five crypto exchanges and one wallet provider have so far submitted their registration documents. Only Upbit has been formally approved by the FSC.
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