KYC & CDD

Anti-Money Laundering

MAS Bans Former BSI Banker Over 1MDB ‘Secret Profits’

By Editors | 23/10/2020

The former banker received about $5mn in fund management fees in an entity he beneficially owned, at the expense of and without the knowledge of BSI Bank.

Data Privacy

PBOC Fines Six Bank Branches for Customer Data Rights Breaches

By Editors | 22/10/2020

The $6mn in penalties against state-owned banks follows last week’s unveiling of what will be China’s first unified piece of national legislation on the protection of personal data.

Fraud, Scams & Cybercrime

Japan FSA to Mandate Stricter ID Checks for E-payments

By Editors | 20/10/2020

The FSA plans to revise its guidelines for bank transfers to e-payment service providers in response to a series of fraudulent withdrawals.

Anti-Money Laundering

AUSTRAC Launches AML Investigation into Crown Resorts

By Editors | 20/10/2020

The probe is related to Crown’s use of casino junkets to bring wealthy gamblers to its Melbourne casinos and possible non-compliance with due diligence and AML requirements.

Supervision & Enforcement

Australian Court Orders Penalty Against NAB Over Introducer Programme

By Editors | 19/10/2020

The penalty was discounted due to NAB’s cooperation with ASIC and its admissions that it contravened the law by using unlicenced home loan referrers.

KYC & CDD

SoW/SoF Checks: What Does Good Look Like?

By Editors | 18/10/2020

Regulation Asia spoke to financial crime compliance experts about the ongoing effort required to achieve and maintain high standards for source of wealth and source of funds checks.

KYC & CDD

Philippines Begins Roll-out of New National ID System

By Editors | 15/10/2020

PhilSys will mean wider inclusion in the financial ecosystem for the unbanked, allowing cash aid, credit and other welfare spending to reach them faster.

Emerging Prudential Risks

G20 Ministers Extend DSSI Debt Relief, Welcome FSB, FATF Efforts

By Manesh Samtani | 14/10/2020

The G20 finance ministers and central bank governors have agreed to extend debt relief for low-income countries for six months, and welcomed efforts by the FSB and FATF.

KYC & CDD

Bangladesh ACC Calls For Tighter KYC Rules for NBFIs

By Sanday Chongo Kabange | 14/10/2020

The Anti-Corruption Commission says some NBFIs and cooperative societies are not collecting detailed customer information through their KYC processes.