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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
Anti-Bribery & Corruption
Hong Kong Court Jails Former CCB Asia Sales Representative
By Editors | 12/05/2021
A CCB Asia sales executive secured a loan for a customer whose data was obtained from a DBS sales executive in exchange for a commission.
Anti-Money Laundering
MAS Consults on Proposed AML Notices for Foreign Offices, FRCs
By Manesh Samtani | 12/05/2021
MAS seeks comment on four notices, which contain requirements on record-keeping, internal policies, and the provision of records to MAS upon request.
Cryptocurrency
Korean Lawmakers Push for Tougher Crypto Legislation
By Sanday Chongo Kabange | 11/05/2021
Lawmakers are pushing for tougher crypto legislation to protect crypto investors against unfair practices and price manipulation.
Anti-Money Laundering
US Lawmakers Call for ‘War-like Footing’ Against Corruption
By Editors | 05/05/2021
In a letter to Janet Yellen, two lawmakers have called for AML obligations to be expanded to hedge funds, private equity, and other professional enablers.
Anti-Money Laundering
AUSTRAC Orders Mutual Bank to Uplift AML Compliance
By Editors | 05/05/2021
Australian Military Bank is required to conduct a risk assessment, and then work to improve its KYC, transaction monitoring, EDD, and reporting systems.
KYC & CDD
Thailand to Tighten Crypto Exchange Account Opening Rules
By Sanday Chongo Kabange | 05/05/2021
Crypto exchanges will reportedly be required to verify customers’ identities using special machines that require Thai national IDs and physical presence.
KYC & CDD
RBNZ Calls on Banks to Avoid De-risking Pacific Island Nations
By Ranamita Chakraborty | 03/05/2021
The RBNZ and RBA are working with Pacific Island nations to develop a regional KYC facility, to support businesses in meeting their compliance obligations.
Anti-Money Laundering
Data Analytics Becoming Embedded at Singapore FIs
By Manesh Samtani | 02/05/2021
The increased use of data analytics and digital processes has led to increased AML/CFT effectiveness, according to Assistant Managing Director Ms Loo Siew Yee.
Anti-Money Laundering
FATF Publishes New Zealand Mutual Evaluation Report
By Manesh Samtani | 30/04/2021
Of the 40 recommendations, New Zealand is ‘Compliant’ on 8, ‘Largely Compliant’ on 20, and ‘Partially Compliant’ on 12.
Anti-Money Laundering
Australia Scraps Plan to Introduce Beneficial Ownership Register
By Ranamita Chakraborty | 30/04/2021
Senator Jane Hume reportedly refused to back the register, a move experts say will entrench Australia as a money laundering haven.
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