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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
Mitigating Illicit Convergence in Transnational Financial Crime
By Editors | 27/04/2021
Rani Hong, Sasha Lezhnev, Ben Spevack and Che Sidanius discuss efforts under way to prevent the illicit exploitation of legal infrastructures for crime.
PEPs & Sanctions
Final Phase of Meng Extradition Case to Be Delayed
By Sanday Chongo Kabange | 25/04/2021
The final phase of the extradition case is being delayed to allow Meng’s lawyers to examine documents being provided by HSBC as a result of a Hong Kong court ruling.
KYC & CDD
Philippines: PhilSys National ID System Draws 28m Registrations
By Editors | 22/04/2021
The issuance of PhilSys ID cards is expected to start within 2021, eventually replacing most other forms of government-issued ID.
Anti-Money Laundering
FSS Korea Mulls New Crypto Rules to Counter ‘Kimchi Premium’
By Sanday Chongo Kabange | 20/04/2021
The plan is a response to growing suspicions that investors are purchasing bitcoin from overseas exchanges with the intent of selling them in Korea at a premium.
Anti-Money Laundering
PBOC Finalises New AML Regulations for Financial Institutions
By Manesh Samtani | 20/04/2021
The new regulations take effect from 1 August 2021 and are applicable to non-bank financial institutions, overseas bank branches and holding subsidiaries.
Fraud, Scams & Cybercrime
SG Police Probe 31 Individuals for China Official Impersonation Scams
By Ranamita Chakraborty | 19/04/2021
Victims were instructed to surrender money for fake investigations after being told their bank accounts were involved in money laundering activities.
Structural Regulation
Australia Launches Next Phase of Business Registry Modernisation
By Ranamita Chakraborty | 19/04/2021
Commissioner of Taxation Chris Jordan was appointed Registrar of the new ABRS, which will unify 32 business registers in Australia.
Anti-Money Laundering
MAS Penalises Bank J. Safra Sarasin for SoW/SoF Failures
By Manesh Samtani | 14/04/2021
The bank failed to establish the source of wealth and source of funds of customers and beneficial owners of higher-risk customers, MAS said.
KYC & CDD
Digital ID Perceived As Beneficial in Combatting Financial Crime
By Manesh Samtani | 14/04/2021
Digital IDs are perceived as beneficial for the fight against financial crime, an ACAMS-RUSI survey finds. However they may also present risks.
Cloud & Infrastructure
China: CFCA Starts to Embed LEIs in Digital Certificates
By Manesh Samtani | 14/04/2021
The China Financial Certification Authority has also become the first certification authority to become a validation agent in the Global LEI System.
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