KYC & CDD

KYC & CDD

Hong Kong FIs Share Foreign Tax Resident Data with IRD – Report

By Editors | 12/09/2018

Over 1,700 financial institutions have shared customer account balances and income details with the tax authority, as required by AEOI.

KYC & CDD

SEBI Changes Course on Foreign Investor KYC Requirements

By Garima Chitkara | 11/09/2018

SEBI may be going back on new rules restricting non-resident Indians and persons of Indian origin from investing in India via the FPI route.

Anti-Money Laundering

Japanese Banks in Process of Closing Yakuza-Related Bank Accounts

By Garima Chitkara | 06/09/2018

According to a survey of Japanese banks, around half the members are in the process of closing bank accounts belonging to gang members, with 1300 accounts closed as of May; 4300 such accounts still remain in the banking system.

KYC & CDD

SEBI to Review KYC Rules for FPIs Amid Criticism from Fund Industry

By Garima Chitkara | 06/09/2018

SEBI says fund industry’s claims that new rules barring non-resident Indians from investing via the FPI route will lead to $75bn in outflows is “preposterous”, but has agreed to review the norms and provide recommendations.

Anti-Money Laundering

What You Need to Know About the EU’s 5th AML Directive

By ComplyAdvantage | 05/09/2018

The Fifth Money Laundering Directive (5MLD) will come into force on the 10 January 2020, with far-reaching impacts aimed at addressing weaknesses in the EU’s AML/CFT regime that have come to light since the enactment of 4MLD in June 2017.

Structural Regulation

HKMA Receives 29 Bids for First Round of Virtual Bank Licences

By Garima Chitkara | 03/09/2018

Standard Chartered, WeLab, Zhong An Bank and HKT among several banking, technology and telecom firms applying for virtual banking licenses.

Anti-Money Laundering

SFC Urges Licensed Firms To Strengthen AML/CFT Measures

By Editors | 03/09/2018

Hong Kong firms need to step up AML/CFT compliance keeping in mind deficiencies and gaps found during the regulator’s thematic reviews and on-site exceptions.

Cybersecurity

Samsung SDS Announces Blockchain-based ID Verification Platform

By Manesh Samtani | 29/08/2018

Developed in collaboration with the Korea Federation of Banks, BankSign allows customers to use multiple banks’ mobile apps, once a co-verification certificate is obtained from a single bank.

KYC & CDD

SEBI Extends Deadline to Provide FPI Beneficial Ownership Details

By Garima Chitkara | 22/08/2018

Requirement to provide details of beneficial ownership extended to end-December, after market participants asked for a review of the FPI guidelines and more time to comply.