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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
Credit Risk
Complex Group Arrangements Compound Margin Financing Risks: SFC
By Manesh Samtani | 19/06/2019
Deputy chief Julia Leung says the SFC is concerned that brokers are using complex trading arrangements to circumvent regulatory oversight, among other supervisory priorities.
KYC & CDD
HK Banks Asked to Enhance Customer Interface of Account Opening
By Manesh Samtani | 18/06/2019
The HKMA has published the findings of its mystery shopper programme, which set out to assess customer interface aspects of bank account opening for SMEs and ethnic minorities.
KYC & CDD
HKMA Sets Out AML/CFT Best Practices for SME Onboarding
By Editors | 17/06/2019
A thematic review has concluded that authorised institutions have in general applied the risk-based approach to AML/CFT measures, but there is room for improvement.
Anti-Money Laundering
AUSTRAC Orders Audit of Afterpay’s AML Compliance
By Editors | 14/06/2019
AUSTRAC has ordered ‘buy-now, pay-later’ service firm Afterpay to undergo an independent audit to its compliance with AML/CTF laws.
KYC & CDD
Automatic Exchange of Information is Working, Says OECD
By Ralph Cunningham | 13/06/2019
New data from the OECD indicates that Hong Kong and Singapore are adhering to tighter global standards on tax transparency.
Anti-Money Laundering
MAS Consults on AML/CFT Notices for Payment Services
By Manesh Samtani | 07/06/2019
The first Notice covers account issuance, money transfers and money changing services. The second Notice sets out a separate framework for digital payment tokens.
KYC & CDD
FSB Details Progress to Address Decline in Correspondent Banking
By Editors | 03/06/2019
The number of active correspondent banks declined by 3.4% in 2018, bringing the cumulative decline since 2011 to 19.3 percent.
Anti-Money Laundering
SFC Asks Licensed Firms to Review Controls on Third-Party Deposits
By Editors | 01/06/2019
Senior management will be held accountable for failures to put in place effective policies, procedures and controls for handling third-party deposits and payments.
Anti-Money Laundering
Financial Crime on the Rise in APAC
By Editors | 31/05/2019
Almost three-quarters of Asia Pacific organisations have been victims of financial crime in the past year, according to recently published survey results by Refinitiv.
KYC & CDD
RBI Allows Banks to Use Aadhaar for KYC
By Editors | 31/05/2019
The RBI will allow banks to use Aadhaar to authenticate and verify customer identities, provided customer consent is obtained.
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