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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
KYC & CDD
JP Morgan Becomes Global LEI System’s First Validation Agent
By Editors | 19/11/2020
JP Morgan issued the first LEI under the new Validation Agent model with LEI issuer, Business Entity Data, a wholly-owned subsidiary of DTCC.
Conduct, Culture & Accountability
ASIC Drafts Reference Checking Protocol for Advisers, Mortgage Brokers
By Sanday Chongo Kabange | 19/11/2020
The Royal Commission recommended that reference checks be required for individuals seeking to be employed or authorised as a financial adviser or mortgage broker.
Anti-Money Laundering
The Need for Tranche 2 AML Reform in Australia
By Jeremy Moller | 18/11/2020
Norton Rose Fulbright’s Jeremy Moller highlights the advantages of regulating legal, accounting and real estate services under Australia’s AML laws, sooner rather than later.
Supervision & Enforcement
IMF Calls for Amendments to Philippine Bank Secrecy Laws
By Editors | 17/11/2020
The BSP should be granted “unimpaired access” to information on all customer accounts and the ability to employ and share depositor information for any prudential purpose.
KYC & CDD
New Opportunities for Banks in Client Onboarding
By Stephan Wolf | 12/11/2020
By adjusting their onboarding processes, FIs can enhance their client experience, reduce costs and pave the way for new cross border services, explains GLEIF CEO Stephan Wolf.
KYC & CDD
MAS Proposes to Strengthen FIs’ Identity Verification Process
By Editors | 10/11/2020
The proposed Notice will prohibit FIs from relying on common personal information such as NRIC number, residential address and date of birth as the sole means of identity verification.
Payments & Settlements
Australian FIs to Use NPP for International Payments by End-2022
By Editors | 05/11/2020
Participating FIs are required to join the international payments business service and receive inbound international payments via the NPP by December 2022.
Anti-Money Laundering
PBOC Issues Draft AML Rules for Beijing Real Estate Sector
By Editors | 27/10/2020
The guidelines impose obligations on developers and intermediaries to strengthen AML supervision and management in real estate transactions.
Anti-Money Laundering
China Issues AML/CTF Guidelines for Microfinance Institutions
By Editors | 27/10/2020
The guidelines take immediate effect and are require microfinance institutions to report any transaction worth more than CNY 50,000 within 5 working days.
Anti-Money Laundering
FATF to Drive Digital Transformation of AML/CFT Systems
By Manesh Samtani | 26/10/2020
Digital transformation of AML/CFT systems will help to ensure their resilience in future and build their efficiency, the FATF says.
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