KYC & CDD

Anti-Money Laundering

Japanese Regional Banks to Set Up AML Information Sharing

By Manesh Samtani | 16/08/2018

An information sharing network between 64 regional banks aimed at AML/CFT efforts is part of a larger legal and regulatory push in the country against money laundering in preparation for an FATF inspection.

KYC & CDD

PBOC Imposes More Fines on Payments Firms

By Editors | 09/08/2018

Alipay, Union Mobile Financial Technology, and Gopay.com were fined more than a combined $11 million for various breaches in payment services regulation.

KYC & CDD

Account Opening Woes Causing Loss of Business in Hong Kong – HKICS

By Garima Chitkara | 07/08/2018

HK Institute of Chartered Secretaries survey found 68% of member believe Hong Kong has been losing out on businesses because of non-transparent and onerous bank account opening processes.

KYC & CDD

RBI Probes KYC/AML Compliance at Payments Banks

By Editors | 06/08/2018

Paytm and Fino Payments Bank have been barred from accepting new clients due to the RBI’s concerns about their adherence to KYC/AML norms.

Payments & Settlements

China’s Opening Up to Foreign Third Party Online Payment Firms

By Peter Guy | 06/08/2018

Stricter regulations are intended to limit abuses, improve government oversight and allow the entry of foreign enterprises for the first time. But, a more comprehensive framework is needed to manage systemic risk posed by the sector’s rise.

KYC & CDD

PBOC Penalises Shanghai-based Payment Firms

By Manesh Samtani | 02/08/2018

Kayou Payment Services and Free Me Pay were ordered to exit merchant acquisition business and to pay penalties totaling $5mn for violating payment and settlement rules.

Fraud, Scams & Cybercrime

ASIC Imposes Lifetime Ban on Former Westpac Banker

By Editors | 28/07/2018

Former premium banking relationship manager shared personal client information with external third parties, and “knowingly or recklessly” submitted false supporting documents to help clients obtain home loans.

Liquidity Risk

China P2P Lending Sector Survival Relies on Better Regulation

By Peter Guy | 26/07/2018

P2P platform failures due to liquidity shortfalls have crippled a key source of retail credit for consumers and small businesses. The future of P2P lending in China. Regulators need to play a more dominant role in this growing and unruly industry to assure its survival.

Conduct, Culture & Accountability

SEBI Warns Asset Managers on Dividend Distribution Practices

By Garima Chitkara | 26/07/2018

SEBI chairman asked fund managers to ensure they are safeguarding investor interests while highlighting lapses involving dividends that were distributed without the consent of board trustees.