KYC & CDD

Anti-Money Laundering

FSC Korea Concerned of Embezzlement by Crypto Exchanges

By Editors | 02/07/2021

As the 24 September deadline for VASPs to register their businesses approaches, some businesses may close down, presenting risks to customer deposits.

KYC & CDD

Eftpos Launches Business to Make Digital IDs Interoperable

By Ranamita Chakraborty | 30/06/2021

ConnectID acts as a ‘broker’ between identity providers, securely facilitating identity verification and data exchange, without storing identity data.

PEPs & Sanctions

FATF Issues Guidance on Mitigating Proliferation Financing Risk

By Manesh Samtani | 29/06/2021

The guidance highlights the need for effective onboarding processes, ongoing monitoring, staff training, risk management, sanctions screening, and a strong compliance culture.

KYC & CDD

Digital Identity: A Sound Model for Risk Mitigation

By Manesh Samtani | 29/06/2021

Lax attitudes towards security by consumers have made it increasingly important for banks to take advantage of digital identity systems and put in place robust security measures.

Anti-Money Laundering

FATF Plenary Packs Powerful Punch

By Manesh Samtani | 25/06/2021

The FATF finalised reports on technological innovation, environmental crime, and asset recovery. New guidance on PF risk and a white paper on beneficial ownership were also finalised.

Market Abuse

SFC Probes CLSA Over CEFC Energy Bond Deal

By Sanday Chongo Kabange | 25/06/2021

A former CLSA managing director has accused CLSA of “blatant” misbehaviour as bond underwriter for the now-defunct CEFC Energy.

Anti-Money Laundering

Philippine SEC Backs Amendments to Bank Secrecy Law

By Ranamita Chakraborty | 21/06/2021

Bank secrecy has prevented the SEC from validating information and establishing the owners of bank accounts linked to securities violations.

Anti-Money Laundering

‘Tranche 1.5’ AML Reforms Take Effect in Australia

By Editors | 20/06/2021

AUSTRAC has issued rules to support the introduction of the reforms, which include measures to streamline customer verification and correspondent banking.

Anti-Money Laundering

NAB Contract Workers Received Little AML Training: Report

By Ranamita Chakraborty | 17/06/2021

The revelation comes follows AUSTRAC’s launch of a formal enforcement investigation into NAB earlier this month.