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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
BOT Plan to Allow Biometric e-KYC Delayed in Testing
By Editors | 09/10/2019
The BOT had planned to allow the use of biometric identity verification for account opening by Q3 this year, but testing in the sandbox has not yet been completed.
Anti-Money Laundering
Thailand Cabinet Approves Draft AML Regulations
By Editors | 08/10/2019
Under the rules, financial institutions will be required to obtain additional source of funds information from customers for cross-border transfers exceeding 50,000 baht.
Anti-Money Laundering
APG Publishes Final Mutual Evaluation Report for Taiwan
By Editors | 03/10/2019
Taiwan has achieved very significant progress in a short period of time, and supervisors have significantly influenced compliance in a positive way, the APG says in its mutual evaluation report.
Payments & Settlements
RBI Proposes to Directly Regulate Payment Gateways, Aggregators
By Editors | 19/09/2019
The paper proposes that payment gateways and payment aggregators be required to have a minimum net-worth of 1 billion rupees, among other requirements.
Cloud & Infrastructure
Financial Institutions Must Adapt and Innovate or Be Left Behind
By Greg Watson | 13/09/2019
Outdated systems are preventing one in four Asia Pacific banks from investing in disruptive technologies, says Greg Watson, citing a recent Fenergo survey.
Anti-Money Laundering
SFC Asks Licensed Firms to Bolster AML/CTF Compliance
By Editors | 09/09/2019
Following the release of the FATF mutual evaluation report for Hong Kong, the SFC has highlighted key work areas for licensed firms and their associated entities.
Structural Regulation
Thailand to Digitise Capital Market Processes with DLT
By Editors | 05/09/2019
The project aims to reduce the documentary procedures required in processes related to share issuances and offerings, securities registration, settlement and delivery, and KYC.
AI Risk & Governance
India Government Panel Pushes for Fintech, Regtech Adoption
By Editors | 04/09/2019
The panel has also proposed the development of a marketplace model for P2P lending, and the introduction of virtual banking in India.
KYC & CDD
RBI Grants Another Extension for e-Wallet KYC Compliance
By Editors | 03/09/2019
This is the fourth time the deadline has been extended. Wallet companies were first asked to complete KYC processes for each customer by December 2017.
Payments & Settlements
ACCC Calls for Lower Fees, More Competition in FX Services
By Editors | 03/09/2019
An ACCC inquiry found that consumers continue to rely on the big four banks for FX services despite the availability of much cheaper alternatives.
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