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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
LEI Use in Onboarding Could Save Banks Up to $4bn Annually
By Editors | 30/10/2019
In addition to cost savings, LEI use in client onboarding would speed up time to revenue, improve compliance and credit risk mitigation, and enable better tracking of suspicious entities.
Anti-Money Laundering
FATF Issues Best Practice Paper on Beneficial Ownership
By Editors | 29/10/2019
FATF mutual evaluations have shown that many jurisdictions are still finding it challenging to ensure transparency of ownership of legal persons.
KYC & CDD
Australia Introduces Bill to Ease CDD Compliance Burden
By Editors | 27/10/2019
The bill allows reporting entities to rely on CDD procedures performed by a third party. Meanwhile, a bill to limit cash payments to A$10,000 nationwide passes the lower house.
Cloud & Infrastructure
Australia Senate Committee Releases Fintech, Regtech Issues Paper
By Editors | 25/10/2019
The issues paper identifies five key factors for the fintech and regtech sectors which the committee will focus its attention on in a year long inquiry.
KYC & CDD
Philippines to Start Issuing New National IDs in April
By Editors | 24/10/2019
The new IDs will make it easier for the unbanked to open accounts and avail of financial financial services, said BSP governor Benjamin Diokno.
Tokenisation
Thailand SEC Approves First ICO Portal
By Editors | 23/10/2019
Under Thailand’s regulatory framework, ‘ICO portals’ help screen ICOs, conduct due diligence, prove smart contract source codes and verify KYC processes before they are released to the market.
Anti-Money Laundering
New Zealand FX Broker Issued Formal Warning for AML Violations
By Editors | 21/10/2019
Forex brokerage Circle Markets Limited did not dispute the FMA’s findings, and its sole director admitted to not fully understanding his AML/CFT obligations.
Cybersecurity
SEBI Issues Measures to Protect Securities Market Client Records
By Editors | 18/10/2019
A new cybersecurity framework has been issued for KYC registration agencies. Stockbrokers, depository participants, registrars and transfer agents are asked to submit their quarterly reports by end-November.
Anti-Money Laundering
Japan Banks Exit Forex Business Amid AML Cost Concerns
By Editors | 17/10/2019
While smaller banks are exiting the foreign exchange business entirely, larger banks are raising counter service fees for overseas remittances.
Structural Regulation
Stock Connect to Launch Southbound Investor ID Regime “Soon”
By Editors | 12/10/2019
The launch of the investor identification regime for southbound trading will mark the first time mainland investors will have their personal information shared with Hong Kong’s regulator.
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