KYC & CDD

Anti-Money Laundering

Singapore Crypto Association Publishes Industry Code of Practice

By Editors | 17/08/2020

The code is accompanied by a practice guide providing regulatory guidance to facilitate payment services licence applications in Singapore.

Anti-Money Laundering

Indian Authorities Raid Chinese Entities Over Money Laundering Concerns

By Editors | 16/08/2020

Chinese shell companies and individuals and their Indian associates, including bankers and accountants, were allegedly involved in hawala and money laundering transactions.

KYC & CDD

Wolfsberg Group Issues Guidance on SoW, SoF Checks

By Editors | 09/08/2020

The guidance outlines instances where Source of Wealth and Source of Funds information may need to be independently corroborated, and what to do if relevant standards are not met.

Anti-Money Laundering

HKMA Issues AML Guidance to Banks As Pandemic Persists

By Manesh Samtani | 30/07/2020

The guidance sets out key practices banks have been using to manage customer due diligence, resource pressure, and emerging threats in the context of Covid-19.

Anti-Money Laundering

Sri Lanka Fines 2 Banks, 3 Finance Firms for AML Failures

By Duruthu E Chandrasekera | 29/07/2020

Sri Lanka’s FIU has revealed that two banks and one finance company were penalised in 2019, and two other finance companies in 2020.

KYC & CDD

HSBC Launches 24/7 Digital Account Opening in Malaysia

By Editors | 28/07/2020

The new account opening service is aimed at minimising physical contact in compliance with new social distancing norms due to the Covid-19 pandemic.

Anti-Money Laundering

US Hedge Funds Being Used for Money Laundering: FBI

By Manesh Samtani | 27/07/2020

A leaked FBI bulletin says US hedge funds and private equity firms are being used to facilitate money laundering, organised crime, and sanctions evasion.

KYC & CDD

BOT Green-lights Use of Facial Recognition Tech at Five Banks

By Editors | 26/07/2020

BOT has issued new guidelines on the use of biometric technology in financial services, and granted approval to five banks to use facial recognition in account opening.

PEPs & Sanctions

Hong Kong Wealth Managers Scrutinise Clients for Political Links

By Editors | 22/07/2020

Wealth managers are said to be screening comments made by clients and their associates in public, in the media, and in social media posts as far back as 2014 to determine their political stance.