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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
Anti-Money Laundering
FATF Releases Mutual Evaluation Report on China
By Editors | 19/04/2019
Some of the gaps identified relate to an insufficient focus on non-financial businesses and professions, difficulties identifying beneficial ownership, and an inadequate sanctions framework.
Cloud & Infrastructure
RBI Unveils Draft Framework for Regulatory Sandbox
By Editors | 19/04/2019
The framework details a comprehensive selection process to identify 10-12 entities to participate in the sandbox, including a 5 million rupee minimum net worth requirement.
Anti-Money Laundering
MAS Renews Call for Use of Data Analytics in AML/CFT Programmes
By Manesh Samtani | 09/04/2019
MAS has renewed calls for financial institutions to further develop their data analytics capabilities in the interest of improving the effectiveness of their AML/CFT programmes.
Anti-Money Laundering
Artificial Intelligence – the Ultimate Weapon to Fight Financial Crime
By Karl Seagrave | 03/04/2019
Getting buy-in from senior management is one of the biggest hurdles to adopting AI in the fight against financial crime, says Fenergo’s Karl Seagrave.
Anti-Money Laundering
FMA Monitoring Report Reveals Multiple AML/CFT Deficiencies
By Editors | 02/04/2019
New Zealand’s Financial Markets Authority has released a report highlighting failures in reporting entities’ AML/CFT programmes, risk assessments and customer due diligence.
KYC & CDD
Philippines to Launch Digital Banking ID Registry This Year
By Editors | 31/03/2019
The blockchain powered ID registry will enable electronic KYC and make it easier for clients to access banking services.
PEPs & Sanctions
HKEX Offers Listing Applicants Guidance on Sanctions Risk
By Stephen Peepels | 26/03/2019
International law firm Hogan Lovells says the HKEX guidance provides significant insight into how it will consider international trade and sanctions issues in the context of IPO transactions.
KYC & CDD
BOCHK Launches Pilot Service for Mainland Account Opening
By Editors | 20/03/2019
BOCHK has been granted regulatory approval to launch a pilot scheme that enables Hong Kong citizens to open a personal bank account in the mainland, remotely.
KYC & CDD
SEBI’s Meets Opposition from Global Funds on KYC Requirements
By Editors | 12/03/2019
Global asset managers have opposed SEBI’s plan to create a centralised database of beneficial owners of foreign portfolio investors.
KYC & CDD
Bank of Ayudhya Uses Facial Recognition in Account Opening
By Editors | 12/03/2019
Bank of Ayudhya has become the first bank in Thailand to introduce facial recognition in account opening, which it says will enhance security and prevent fraud and identity theft.
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