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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
KYC & CDD
Taiwan FSC Fines HK Company for Faulty Beneficiary Disclosure
By Editors | 28/05/2021
HK-based Capital Target Ltd was unable to verify the source of funds used to buy a 24% stake in Korean conglomerate Jih Sun Financial Holding in 2009.
Anti-Money Laundering
AFP, AUSTRAC Probe Payments via Adult Content Site – Report
By Editors | 28/05/2021
Banks and regulators are unable to establish who receives the payments via UK-based platform OnlyFans, which acts as an intermediary for content makers.
Structural Regulation
Thailand SEC Approves New Criteria for SME Fundraising
By Sanday Chongo Kabange | 27/05/2021
The new fundraising criteria for SMEs and startups proposed by the stock exchange are expected to become effective this year.
Payments & Settlements
Taiwan to Enable Interoperability Between E-payment Providers
By Ranamita Chakraborty | 27/05/2021
Amendments due to take effect from 1 July will enable users of e-payment services and stored-value facilities to transfer money across platforms.
KYC & CDD
HKMA Urges Banks to Use iAM Smart in Remote Onboarding
By Manesh Samtani | 25/05/2021
The HKMA clarifies that when iAM Smart is used for identity verification, record keeping requirements may be met by retaining data obtained via API.
Anti-Money Laundering
Hong Kong to Bar Retail Investors from Crypto Trading
By Manesh Samtani | 24/05/2021
Hong Kong’s FSTB has issued consultation conclusions on the new licensing regime for VASPs and a new registration regime for precious metals dealers.
Anti-Money Laundering
Philippine AMLC to Penalise Firms for Incorrect STR Filings
By Manesh Samtani | 23/05/2021
AMLC Executive Director Mel Georgie Racela told Regulation Asia that incorrect STR filings identified in a recent review will result in supervisory action.
PEPs & Sanctions
Proliferation Financing Risk: A Due Diligence Challenge
By Manesh Samtani | 19/05/2021
Measures for detecting proliferation financing risk are designed to help identify sanctions evasion and uncover the beneficial owners of corporate entities.
KYC & CDD
RBI Relaxes Restrictions on the Use of Video-based KYC
By Editors | 17/05/2021
Video-based KYC can be used for onboarding individual customers, business owners, and authorised signatories and beneficial owners of legal entities.
Anti-Money Laundering
Taiwan FSC Fines Citibank, DBS for AML Violations
By Editors | 14/05/2021
The regulator cited failures related to customer due diligence, review mechanisms, transaction monitoring, risk assessment, and investigations.
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