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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
Stockbrokers’ Association Pushes Back Against AUSTRAC Proposal
By Manesh Samtani | 25/09/2020
AUSTRAC proposed in July to allow brokers to open accounts for new clients with flexibility to complete the customer identification procedure within five days.
KYC & CDD
HKMA Issues Guidance on Remote Onboarding of Corporate Clients
By Editors | 25/09/2020
Onboarding processes should be designed reflecting the principle that CDD is not merely a document collection exercise, the HKMA says.
KYC & CDD
FMA Blocks CLSA Premium NZ From Offering Derivatives
By Editors | 24/09/2020
The licence conditions will remain in place until CLSA Premium NZ lodges its audit and assurance reports for 2019.
Anti-Money Laundering
FinCEN Files: Philippine Money Remitters Named in SARs
By Manesh Samtani | 23/09/2020
Philrem and Werquick used local banks to wire funds for unidentified customers without identifying source of funds, the true beneficiary, or the purpose of the transactions.
KYC & CDD
Sri Lanka: CSE Enables Digital ID Verification for Account Opening
By Duruthu E Chandrasekera | 22/09/2020
The CSE and Central Depository System can digitally verify national ID card details against information held by the Department for Registration of Persons.
Anti-Money Laundering
Global AML Reforms Need to Be More Ambitious
By Che Sidanius | 21/09/2020
The European Commission is taking decisive action to fight financial crime by reforming its AML rules and enforcement mechanism, writes Refinitiv’s Che Sidanius.
Anti-Money Laundering
Covid-19 Presents Opportunity to Disrupt Criminals: APG
By Editors | 20/09/2020
In its latest typologies report, the APG says Covid-19 may provide a unique opportunity for law enforcement and FIUs to detect and disrupt certain money laundering operations.
KYC & CDD
HKMA Issues Revised AML/CFT Guideline for SVF Licensees
By Editors | 20/09/2020
SVF licensees are given until 2 July 2021 to implement appropriate measures consistent with the revised guideline, which includes guidance on remote on-boarding.
Anti-Money Laundering
SFC Revises AML/CFT Guidelines for Securities Sector
By Manesh Samtani | 20/09/2020
The proposed amendments seek to align the SFC’s guidelines with the FATF guidance for adopting a risk-based approach in the securities sector.
Fraud, Scams & Cybercrime
Japan FSA Probes E-money Providers as More Thefts Emerge
By Sanday Chongo Kabange | 16/09/2020
NTT Docomo has reported additional cases of thefts through its e-money service. Japan Post Bank has identified similar thefts via five other operators.
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