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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
Technology Building Blocks that Enable Real-Time KYC
By Greg Watson | 11/02/2020
Every financial institution has a digital transformation agenda. But what does that really mean? In this post, we look at the why, and more importantly, the how of pursuing a Digital KYC model.
Fraud, Scams & Cybercrime
Liar’s Poker – The 1MDB Version
By Peter Guy | 11/02/2020
1MDB sorely tested principles-based regulation and compliance at Goldman Sachs. But, the bank was likely set up as a victim from the very beginning, says Peter Guy.
Anti-Money Laundering
EBA Consults on Revised ML/TF Risk Factors Guidelines
By Editors | 07/02/2020
The proposed changes will significantly strengthen Europe’s AML/CFT defences and foster greater convergence of supervisory practices, the EBA says.
KYC & CDD
BOT Launches Digital Account Opening Tests at Six Banks
By Editors | 07/02/2020
Six banks will open online deposit accounts digitally, using facial recognition to verify customer identities against information held in the new National Digital ID platform.
KYC & CDD
India Streamlines FPI Registration Process
By Editors | 05/02/2020
The new ‘Common Application Form’ can be used for three purposes – FPI registration with SEBI, PAN issuance by the CBDT, and KYC for account opening with intermediaries.
KYC & CDD
BNM Publishes Consultation Response on New AML/CFT Framework
By Editors | 03/02/2020
BNM will publish further guidance on the methods used for verifying customer and beneficial owner information and for authenticating their documents.
PEPs & Sanctions
Sanctions Screening Short Cuts Not Worth the Risk: Refinitiv
By Manesh Samtani | 29/01/2020
Increasingly aggressive US sanctions policies highlight the need for financial institutions to adopt and implement a sophisticated risk-based approach to compliance.
Market Abuse
SEBI to Augment Social Media Monitoring to Fight Manipulation
By Editors | 24/01/2020
SEBI is working on a ‘data lake’ project that will use AI, machine learning and NLP tech to analyse unstructured data and augment market surveillance.
Anti-Money Laundering
What FATF Recommendation 16 Means for the Crypto Industry
By Michael Ou | 22/01/2020
Implementing strict KYC processes to comply with the ‘travel rule’ may be costly, but it is a necessary sacrifice to build a stronger industry in the long-run, says Michael Ou at CoolBitX.
Data Privacy
Digital Identities: A Game Changer for Singapore Banking
By Jamie Lloyd Evans | 21/01/2020
Industry veteran Jamie Lloyd Evans discusses the introduction of digital identities in Singapore, and what it could mean for banking.
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