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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
Custody & Infrastructure
Onchain Custodian Recognised for ‘True Compliance Mindset’
By Editors | 15/12/2020
Onchain Custodian provides enterprise grade custody services for the cryptoasset sector, offering investors certainty that their digital assets are held securely.
Anti-Money Laundering
Identitii Named ‘One to Watch’ in AML/CTF Reporting
By Editors | 15/12/2020
Identitii automates the identification of reportable and non-reportable transactions, and helps firms ensure completeness and accuracy of AML/CTF reporting.
KYC & CDD
PBOC Approves Establishment of Second Personal Credit Agency
By Editors | 14/12/2020
The agency will be jointly owned by the Beijing government, JD.com, Xiaomi and facial recognition start-up Megvii Technology.
Cloud & Infrastructure
Global LEI Foundation to Develop ‘Cryptographically Verifiable LEIs’
By Editors | 10/12/2020
The ‘vLEI’ will create a cryptographically secure chain of trust that replaces manual processes required to access and confirm an entity’s LEI data.
Anti-Money Laundering
AUSTRAC Publishes AML/CTF Guidance for Remittance Providers
By Editors | 09/12/2020
AUSTRAC provides guidance on conducting an ML/TF risk assessment, providing risk awareness training to staff, and fulfilling reporting obligations, among others.
Anti-Money Laundering
Philippine SEC Proposes Stronger Rules on Beneficial Ownership
By Editors | 08/12/2020
The SEC is seeking to require the disclosure of beneficial owners, nominators, principals, and nominee arrangements within 10 days from a company’s registration.
Anti-Money Laundering
US Congress Includes Corporate Transparency in Defence Bill
By Editors | 08/12/2020
The legislation will establish reporting requirements on beneficial ownership information, which could effectively end anonymous shell companies in the US.
Anti-Money Laundering
The Best Weapon to Shut Down the Illegal Wildlife Trade
By Steve Galster | 07/12/2020
Freeland’s Steve Galster discusses new initiatives to stop illegal wildlife traffickers by hitting them where it hurts the most – in their bank accounts – and how financial institutions can help.
PEPs & Sanctions
The Increasing Reliance on Data for Sanctioned Securities Screening
By Manesh Samtani | 02/12/2020
The onus often falls on FIs to uncover any links between sanctioned entities and potentially related securities, which can involve a significant data challenge.
KYC & CDD
South Pacific Nations Complete First Phase of KYC Facility Project
By Editors | 22/11/2020
The KYC facility will improve CDD processes and AML/CFT compliance, and support the provision of correspondent banking services to Pacific Island nations.
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