KYC & CDD

Trading & Investment

SGX-NSE GIFT City Trading Link Receives Regulatory Approval

By Editors | 07/08/2019

The so-called ‘NSE IFSC-SGX Connect’ is set to become operational by end-2020, ending a dispute between the two exchanges.

Market Abuse

MAS Targets Market Abuse with Proposed New Requirements

By Editors | 06/08/2019

Capital market licensees will have to record all client communications and capture their mobile device IDs. Foreign intermediaries will have to provide UBO information on request.

Anti-Money Laundering

Global Money Launderers Move in on Japan – Report

By Editors | 30/07/2019

Criminal organisations are increasing seeking the use of bank accounts in Japan to disguise illicit profits, with incidents of money laundering rising 40% year-on-year.

KYC & CDD

SET Unveils Gateway to Access National Digital ID Platform

By Editors | 22/07/2019

The new gateway will reduce the setup costs required to access the NDID and enable financial firms to enable full digitisation of customer onboarding more quickly.

KYC & CDD

The Rise of Digital Banks in Asia Raises Compliance Questions

By Claus Christensen | 16/07/2019

The entrance of FinTech and BigTech firms into banking is forcing incumbents to adapt, but it should not come at a cost to compliance obligations, writes Claus Christensen at Know Your Customer Ltd.

Anti-Money Laundering

FATF Finalises AML/CFT Guidance for Service Providers

By Editors | 01/07/2019

New guidance for legal, accounting, and trust and company services professionals highlights the importance of identifying and verifying beneficial ownership information through due diligence.

KYC & CDD

SFC Enables Technology Approach for Overseas Client Onboarding

By Manesh Samtani | 01/07/2019

From 5 July, intermediaries can access embedded data in client identity documents for onboarding. Captured biometric data such as a facial image can be used for identity verification.

KYC & CDD

Wolfsberg Group Publishes CBDDQ Capacity Building Materials

By Editors | 01/07/2019

The materials include high level training videos and detailed guidance on the questionnaire, aimed at facilitating its implementation and halting the decline in correspondent banking.

Anti-Money Laundering

Non Bank Payment Providers Raise Compliance Costs: LexisNexis

By Editors | 20/06/2019

High labour costs in the AML function are partly driven by the growth of non-bank payment providers, which increase complexity and reduce transparency in the transaction chain.