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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
Fraud, Scams & Cybercrime
Singapore Police, Banks Collaborate to Thwart Scammers
By Editors | 03/09/2019
Since the Anti-Scam Centre was set up in June, DBS, OCBC and UOB have frozen 815 bank accounts and recovered S$840,000 in scam-related losses.
KYC & CDD
Philippines Launches Pilot Test of New National ID System
By Editors | 02/09/2019
The pilot test phase will initially focus on government and welfare services, but will later be expanded to include financial services.
Anti-Money Laundering
APG: Good Progress from Taiwan; Pakistan Falls to ‘Enhanced Follow-up’
By Editors | 26/08/2019
The APG has adopted mutual evaluation reports for the Philippines, China, Hong Kong, Pakistan, Taiwan and the Solomon Islands – due to be published in October.
Trading & Investment
India Withdraws FPI Tax Surcharge Amid Foreign Pressure
By Editors | 26/08/2019
The surcharge, introduced last month, increased capital gains tax on foreign trusts investing in India to over 40%, prompting the stock market’s worst July in 17 years.
KYC & CDD
HKMA Issues Clarification on Non-Face-to-Face Onboarding
By Editors | 24/08/2019
In line with SFC requirements, the HKMA says banks need not re-verify a client’s identity when opening an investment account if they’ve already done so for bank account opening.
Structural Regulation
SEBI Eases Requirements for FPI Registration
By Editors | 23/08/2019
SEBI has consolidated 57 circulars and 183 FAQs issued over the years into a single circular for FPIs, easing several requirements in the process.
Anti-Money Laundering
Singapore Crypto Sector Consults on AML/CFT Code of Practice
By Editors | 15/08/2019
The code was facilitated by MAS and developed in consultation with ABS by ACCESS, the Association of Cryptocurrency Enterprises and Start-ups, Singapore.
Cloud & Infrastructure
RBI Issues Enabling Framework for Regulatory Sandbox
By Editors | 14/08/2019
The RBI has set a minimum net worth criteria of $35,000 for sandbox participants, half the amount specified in April’s draft.
Anti-Money Laundering
Singapore Shell Companies Vulnerable to Money Laundering: MAS
By Editors | 14/08/2019
While money launderers and tax evaders have traditionally used offshore companies, some have shifted to onshore companies to evade detection.
KYC & CDD
Malaysia to Introduce e-KYC for Money Services Businesses
By Editors | 13/08/2019
BNM has set out the requirements money changers must observe in non-face-to-face customer onboarding, to ensure effective and robust AML/CFT controls.
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