ADVERTISEMENT
News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
Anti-Money Laundering
PNG’s BSP Financial Group Faces Possible AML Penalties
By Editors | 16/06/2021
Australia’s CBA and NAB are reportedly under scrutiny as they provided correspondent banking services to BSP Financial Group.
Anti-Money Laundering
RUSI Calls On FATF to Devise Financial Inclusion Strategy
By Editors | 15/06/2021
Little concrete work has been done by the FATF so far to actively promote financial inclusion as part of its primary integrity mandate.
KYC & CDD
Financial Crime Compliance Costs to Reach $213.9bn for 2021
By Editors | 12/06/2021
KYC for onboarding and customer risk profiling were cited as the biggest challenges for APAC financial institutions in a LexisNexis Risk Solutions study.
Reporting & Disclosures
G7 Backs – but Looks Beyond – Mandatory Climate Disclosures
By ESG Investor | 07/06/2021
TCFD, IASB frameworks endorsed; communique also calls for progress on impact, nature-based and beneficial ownership reporting.
Reporting & Disclosures
G7 Finance Ministers Agree on 15pc Global Minimum Tax Rate
By Manesh Samtani | 07/06/2021
The global minimum tax will end the race-to-the-bottom in corporate taxation and ensure fairness for the middle class and working people, Janet Yellen said.
KYC & CDD
HKIFA Warns Against Concealing Company Director Information
By Editors | 04/06/2021
The government proposal to stop requiring companies to reveal certain information about directors will hinder fund managers’ ability to conduct due diligence.
Anti-Money Laundering
China to Broaden Scope of AML Law, Raise Penalties
By Manesh Samtani | 02/06/2021
The draft law brings into scope non-bank financial institutions as well as property developers, accounting firms and precious metal dealers.
PEPs & Sanctions
Addressing Sanctions Risk in Maritime Trade
By Manesh Samtani | 02/06/2021
Banks facilitating transactions involving maritime trade must put in place systems and processes to detect illicit activity that could result in a breach of sanctions regulations.
Cryptocurrency
2018 Circular Prohibiting Crypto Dealings Not Valid, RBI Clarifies
By Sanday Chongo Kabange | 01/06/2021
The RBI has clarified that its 2018 circular prohibiting cryptocurrency dealings is no longer valid, and should not be cited or quoted from.
Anti-Money Laundering
Why Asia Needs to Know About a German Supply Chain Law
By Elke Biechele. RisikoTek | 01/06/2021
A more evidence-driven approach to supply chain due diligence is needed as human rights and environmental risk come into focus, writes Elke Biechele.
JOIN OUR NEWSLETTER
An exclusive weekly selection of top stories from the Regulation Asia editorial team.