KYC & CDD

Anti-Money Laundering

MAS Publishes Responses to VCC Consultation Papers

By Editors | 16/01/2020

VCCs are required to engage an Eligible Financial Institution, or EFI, to perform necessary AML/CFT checks and maintain the register of controllers, nominee directors and beneficial owners.

KYC & CDD

Bangladesh Introduces e-KYC for All Financial Services Firms

By Editors | 13/01/2020

All financial institutions regulated by Bangladesh Bank are expected to introduce e-KYC in compliance with the new guideline by December 2020.

KYC & CDD

RBI Allows Regulated Entities to Use Video-based KYC

By Editors | 10/01/2020

Financial services firms can record video and capture photos of customers presenting their identity document for verification. Electronically-submitted and digitally-signed documents can also be accepted.

Anti-Money Laundering

Malaysia Replaces AML/CFT Framework with Two Policy Documents

By Manesh Samtani | 03/01/2020

The first document is for banks, insurers, money services businesses and payments providers. The second is for NBFIs and DNFBPs, including lawyers, accountants, casinos, real estate agents and trust companies.

KYC & CDD

FINRA Fines Five Firms Over Custodial Accounts for Minors

By Editors | 29/12/2019

Citigroup, JP Morgan, LPL Financial, Morgan Stanley and Merrill Lynch failed to properly monitor custodial accounts to ensure assets were transferred to beneficiaries once they came of age.

KYC & CDD

FSC Korea Enables Online Account Opening for Foreigners

By Editors | 24/12/2019

The FSC will allow non-face-to-face account opening by foreigners residing in Korea, and by legal representatives of corporations.

Structural Regulation

SFC Proposes Enhancements to OFC Regime

By Editors | 23/12/2019

The changes include a mechanism for overseas corporate funds looking to re-domicile in Hong Kong. OFCs will also have to keep a register of beneficial shareholders.

Anti-Money Laundering

Regulation Asia: Top Ten News Stories for 2019

By Editors | 20/12/2019

This list presents the most-read new stories published by Regulation Asia in 2019, based on aggregated user traffic analytics.

Payments & Settlements

India Shows How Policy Can Solve Financial Inclusion: BIS Paper

By Editors | 19/12/2019

The paper highlights India’s Aadhaar programme, which promotes financial inclusion, offers more robust AML/CFT checks, and has led to the creation of several innovative and interoperable digital platforms.