ADVERTISEMENT
News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
Supervision & Enforcement
CBIRC Finds Violations in XW Bank’s Consumer Loans Business
By Editors | 22/03/2021
Xiaomi-backed digital bank, XW Bank, breached financial regulations for charging over 30 percent interest on consumer loans.
KYC & CDD
HK, China Working to Simplify Cross-border Account Opening
By Editors | 15/03/2021
Regulators are reportedly working to simplify cross-border bank account opening processes to facilitate the launch of Wealth Management Connect.
KYC & CDD
SEBI Rolls Out KYC Registry Extension to Legal Entities
By Editors | 13/03/2021
Regulated entities are directed to upload KYC data for accounts of legal entities to the Central KYC Registry.
KYC & CDD
SWIFT Embeds ESG Due Diligence in KYC Registry
By Editors | 11/03/2021
The integration of the ICC’s Guidelines into SWIFT’s KYC Registry allows corporates to only complete and update a single form to provide ESG information to different banking partners.
Trading & Investment
Travel Restrictions Holding Up Wealth Management Connect
By Manesh Samtani | 10/03/2021
PBOC official Bai Hexiang said the Wealth Management Connect scheme can be implemented once people can travel freely between Hong Kong, Macau and the mainland.
Trading & Investment
SEBI Updates Rules on UCC, PAN Use in Commodity Derivatives
By Sanday Chongo Kabange | 09/03/2021
Execution of commodity derivatives trades will be prohibited without an upload of clients’ UCC details, which should be accompanied by the PAN or e-PAN.
KYC & CDD
GLEIF Sets Out Process for Validation Agent Trial Phase
By Editors | 07/03/2021
The goal of the Validation Agent role is to streamline the LEI issuance process by enabling FIs to directly liaise with LEI Issuers on clients’ behalf during onboarding.
Anti-Money Laundering
Singapore Banks Asked to Monitor Myanmar Fund Flows
By Manesh Samtani | 05/03/2021
MAS is concerned about financial crime risk. New cash withdrawal limits have been imposed in Myanmar. A military-owned bank has suspended operations.
Fraud, Scams & Cybercrime
Singapore Cuts Down Time to Freeze Bank Accounts
By Ranamita Chakraborty | 04/03/2021
Singapore Police have collaborated with over 20 FIs to reduce the time it takes to freeze bank accounts with suspected links to scammers.
PEPs & Sanctions
FATF Releases Draft Guidance on Proliferation Financing Risk
By Manesh Samtani | 02/03/2021
The FATF is seeking feedback on the guidance from financial institutions and DNFBPs and will revise the text ahead of June 2021 discussions.
JOIN OUR NEWSLETTER
An exclusive weekly selection of top stories from the Regulation Asia editorial team.