KYC & CDD

Anti-Money Laundering

Singapore Court Charges Five Over Shell Company Activity

By Ranamita Chakraborty | 12/04/2021

Between 2016 and 2019, eight police reports were filed by victims who were deceived into wiring around $1.7mn into the bank accounts of Singapore-registered shell companies.

Cryptocurrency

SEC Thailand Allows Crypto Exchange Bitkub to Resume Services

By Editors | 12/04/2021

Bitkub has been allowed to resume accepting new clients. A warning was issued against Binance. Huobi was ordered to suspend services.

Payments & Settlements

RBI to Extend RTGS, NEFT Connectivity to Nonbanks

By Editors | 10/04/2021

Digital wallet providers and card networks will be able to directly connect to the RTGS and NEFT systems.

Anti-Money Laundering

FinCEN Consults on Beneficial Ownership Reporting Requirement

By Editors | 08/04/2021

FinCEN is asking for written comments on the implementation of the beneficial ownership information reporting of the Corporate Transparency Act.

Fraud, Scams & Cybercrime

ABA Updates Guidelines on Preventing Elder Abuse

By Ranamita Chakraborty | 06/04/2021

The ABA is calling on governments across Australia to establish consistent power of attorney laws across the country and a national POA register.

KYC & CDD

Hong Kong to Allow Companies to Conceal Director Identities

By Manesh Samtani | 03/04/2021

The proposal will hamper the ability of investors, banks, property agents, researchers and journalists to carry out due diligence on transactions and counterparties.

KYC & CDD

China Issues Draft Rules on Beneficial Ownership Identification

By Editors | 03/04/2021

FIs will be required to verify the identities of all ultimate beneficial owners of accounts opened and maintained for all customers.

Anti-Money Laundering

AUSTRAC Publishes Regulatory Guides on Strengthen AML Controls

By Editors | 31/03/2021

The regulatory gives cover governance, risk assessments, customer due diligence, IFTIs reporting, and correspondent banking relationships.

Anti-Money Laundering

MAS Offers New AML/CFT Guidance for VASPs

By Editors | 28/03/2021

MAS has identified several VASPs that have not come forward for licensing despite operating in Singapore or soliciting business from Singapore residents.