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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
BSP Highlights AML Risks of Cash, Cross-Border Payments
By Editors | 24/01/2021
Suspected criminal proceeds mostly came from Australia, Germany, Singapore, the UK and the US. The top destinations of suspected illicit funds were Hong Kong, Singapore and the US.
Anti-Money Laundering
Anti-Money Laundering a Priority for Incoming Treasury Secretary Yellen
By Manesh Samtani | 24/01/2021
Incoming Treasury Secretary Janet Yellen thanked Congress for passing the AMLA, widely considered to be the most significant overhaul of AML legislation in the US since 2001.
KYC & CDD
Financial Crime 2021: Digital ID, Due Diligence, Sanctions
By Editors | 21/01/2021
Last year’s financial crime landscape forced many FIs to rapidly adapt to evolving threats. In the year ahead, a continued focus on risk mitigation is prudent.
Market Data & Technology
GLEIF Enhances LEI Search Engine, Automates Access to LEI Data
By Editors | 19/01/2021
A new API enables third-party developers to automate searches and retrieve higher quality LEI data from within their application environments.
Anti-Money Laundering
Lessons Learned From APAC’s Landmark Year of AML Fines
By Payal Patel | 19/01/2021
Drawing from landmark penalties in 2020, FINTRAIL’s Payal Patel and Sara Abbasi identify key lessons to help financial institutions guard against financial crime.
KYC & CDD
SEBI Proposes New Process for KYC in Securities Market
By Editors | 17/01/2021
Under the proposal, KYC Registration Agencies, stock exchanges and depositories would be responsible for client KYC processes.
Anti-Money Laundering
PBOC Tripled AML Penalties in 2020 Compared to 2019
By Editors | 13/01/2021
Failures to perform customer identification and to report lar-value and suspicious transactions were the most frequent reason for the penalties.
KYC & CDD
PBOC Penalises Tenpay, Three Others for Violations – Report
By Editors | 07/01/2021
Tencent’s payment platform Tenpay was fined for providing payment services for illegal and false transactions, and processing QR code payments without a licence.
Cloud & Infrastructure
Hong Kong Launches New Digital Identity Platform ‘iAM Smart’
By Manesh Samtani | 02/01/2021
The SFC, HKMA, IA and MPFA are encouraging FIs to adopt iAM Smart in their businesses for customer authentication, document signing, and remote onboarding.
Anti-Money Laundering
Federal Reserve Orders Credit Suisse to Enhance AML Controls
By Editors | 31/12/2020
Credit Suisse is required to improve its risk assessment, customer due diligence, suspicious activity monitoring and reporting processes.
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