KYC & CDD

Anti-Money Laundering

HKMA Asks Banks, SVFs to Assess AML/CFT Risks of VASP Dealings

By Editors | 17/12/2019

Authorised institutions and SVF licensees should conduct appropriate risk assessments to differentiate the risks of the individual virtual asset service providers they deal with, the HKMA says.

KYC & CDD

SWIFT Opens KYC Registry to Corporate Groups

By Editors | 16/12/2019

Enabling corporate groups on the KYC Registry allows them to improve how their KYC data is structured, while freeing up their banking partners from having to chase down documentation.

AI Risk & Governance

Big Data is Transforming Investigations

By Jeremy Birch | 12/12/2019

Big data is rapidly changing how regulators and law enforcement conduct investigations and build cases, say Jeremy Birch, Peter Jones and Kyle Wombolt at Herbert Smith Freehills.

Fraud, Scams & Cybercrime

Sri Lanka to Introduce Legislation to Regulate Moneylenders

By Editors | 11/12/2019

Moneylenders do not currently fall under any licensing or regulatory regime in Sri Lanka unless they accept deposits.

Payments & Settlements

RBA Underlines High Cost of Cross-Border Transfers via Big Banks

By Editors | 11/12/2019

The average mark-up over the wholesale exchange rate is around 5.5% for the major banks, versus about 1% for the digital money transfer services, said RBA governor Philip Lowe.

KYC & CDD

Sri Lanka to Develop Shared KYC Facility Using Blockchain

By Editors | 06/12/2019

The CBSL is inviting software development companies to apply (by 31 December) to help in the development of a proof-of-concept of a shared KYC facility.

Anti-Money Laundering

New Zealand Police Releases AML/CTF Assessment

By Editors | 04/12/2019

NZ Police assessment identified trusts as attractive money laundering vehicles given government plans to exclude them from strengthened beneficial ownership disclosure regime

KYC & CDD

OECD Hails Global Anti-Tax Evasion Efforts as ‘Unprecedented Success’

By Editors | 02/12/2019

Last year saw nearly 90 jurisdictions automatically exchange information on 47 million financial accounts, covering total assets of $4.9tn.

Anti-Money Laundering

AML Audit Ordered by AUSTRAC Finds Afterpay ‘Low Risk’

By Editors | 26/11/2019

Following AUSTRAC’s order for Afterpay to review its AML/CTF compliance in June on suspicious of breaches, an external order has found the breaches only occurred due to the poor legal advice.