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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
Cloud & Infrastructure
APAC Banks Will Come Out Stronger Post Pandemic
By Greg Watson | 23/06/2020
Covid-19 has kickstarted a rush to digitisation. Changes not expected for another 5-10 years will now be seen over the next 18 months, says Fenergo’s Greg Watson.
Anti-Money Laundering
SFC Fines Guotai Junan Securities for AML and Other Breaches
By Editors | 22/06/2020
Guotai Junan Securities was fined for regulatory breaches in connection with AML, third party fund transfers, placing activities, and wash trade detection and reporting.
KYC & CDD
Sri Lanka’s ‘Special Deposit Account’, a Recipe for Disaster
By Duruthu E Chandrasekera | 22/06/2020
A CBSL scheme announced in April to drive inward remittances and investment may risk Sri Lanka falling back into the FATF’s grey list, says Duruthu Chandrasekera.
Anti-Money Laundering
Green Crime: A Global Challenge Requiring a Global Response
By Editors | 17/06/2020
A coherent global response and unifying standards are needed to tackle illegal wildlife trade and environmental crime. Financial institutions have a crucial role to play.
Anti-Money Laundering
PBOC Promises Crackdown on Illegal Overseas Gambling
By Editors | 16/06/2020
Payments industry stakeholders are directed to strengthen customer identification, report suspicious transactions, and improve surveillance.
KYC & CDD
Bank of Papua New Guinea Eyes KYC Utility
By Editors | 15/06/2020
A KYC utility will reportedly be introduced next year as a joint project between Pacific Island countries – Samoa, Tonga, Vanuatu, Fiji, Solomon Islands and PNG.
Anti-Money Laundering
HKMA Spotlights RegTech Use to Implement AML/CFT Measures
By Manesh Samtani | 15/06/2020
The HKMA outlines four regtech use cases that support the effective implementation of AML/CFT measures at Hong Kong banks.
Structural Regulation
Regulatory Change a Challenge for Hong Kong Fund Managers
By Editors | 10/06/2020
Overregulation is an issue for some fund managers in Hong Kong, but the industry is also calling for greater regulatory clarity around GBA initiatives and ESG standards, according to a KPMG-HKIFA survey report.
KYC & CDD
FSC Korea Launches Task Force on Identity Verification Systems
By Editors | 08/06/2020
The FSC supports the development of innovative authentication mechanisms that can provide convenience, safety and security in electronic financial transactions.
Anti-Money Laundering
Singapore to Tighten AML Rules for Casinos – Report
By Editors | 08/06/2020
Singapore’s legislated threshold for cash transactions that are subject to due diligence is higher than the $3,000 threshold set by the FATF.
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