KYC & CDD

Anti-Money Laundering

Philippine SEC Tightens Rules on Beneficial Ownership of Shares

By Ranamita Chakraborty | 09/02/2021

New guidelines will require the disclosure of the identity of the beneficial owners of shares and prohibit the issuance of bearer shares.

KYC & CDD

HK Banks Told to Stop Accepting BNO Passports as Valid ID

By Editors | 09/02/2021

The HKAB updated its guidance for banks after the government said it would no longer recognise BN(O) passports as valid travel documents or forms of identity.

KYC & CDD

Foreign Banks Penalised in Taiwan for Facilitating FX Speculation

By Editors | 08/02/2021

Deutsche Bank is permanently banned from trading TWD deliverable and non-deliverable forwards. ING, ANZ and Citi received lesser punishments.

Anti-Money Laundering

PBOC, SAFE Issue AML Guidelines for Cross-border Business

By Editors | 06/02/2021

The guidelines apply to cross-border activities using domestic or foreign currencies, as well as domestic activities using foreign currencies.

KYC & CDD

How Financial Institutions View Digital Identity: Survey

By Editors | 01/02/2021

RUSI and ACAMS have launched a new survey seeking to better understand the potential for digital ID to aid in the fight against financial crime.

Anti-Money Laundering

AUSTRAC Consults on AML/CTF Rules for Phase 1.5 Reforms

By Editors | 28/01/2021

The amendments will update rules on correspondent banking and customer due diligence to reflect legislative changes passed in December.

Trade Based Money Laundering

Fighting TBML to Sustain a Post-pandemic Recovery in APAC

By Claus Christensen | 27/01/2021

As we inaugurate the next phase of international trade, the FATF is pushing trade-based money laundering to the top of the international community’s agenda, says Claus Christensen at Know Your Customer.

Anti-Bribery & Corruption

Five HK Bankers Charged for Misusing Customer Data to Sell Loans

By Editors | 27/01/2021

Former DBS staffers accepted illegal commissions to obtain confidential customer data for use by sales staff in promoting personal loan business.

Market Abuse

Taiwan to Punish Foreign Banks for Facilitating Currency Speculation

By Editors | 26/01/2021

The banks helped grains merchants trade in deliverable FX forwards in contravention of foreign exchange regulations.