KYC & CDD

Cybersecurity

SingHealth Breach Prompts MAS Tightening of Customer Verification

By Garima Chitkara | 26/07/2018

MAS asked financial institutions to use additional information like one-time passwords and biometrics to identify consumers over and above existing consumer verification processes.

Anti-Money Laundering

Combating Financial Crime with Data Analytics – MAS

By Manesh Samtani | 24/07/2018

In the year ahead, the MAS will focus on the use of data analytics as well as boosting industry collaboration in its fight against money laundering and terrorism financing.

KYC & CDD

SFC Provide Guidance on Online Client Onboarding

By Manesh Samtani | 18/07/2018

Procedures to verify client identities include obtaining a digitally signed agreement and identity document copy, and the use of designated accounts in the client’s own name only for deposits and withdrawals.

Anti-Money Laundering

India Mulls Tracking for All Non-Cash Financial Transactions

By Garima Chitkara | 12/07/2018

India’s central bank is looking to create a repository of all non-cash financial transactions to widen the government’s crackdown on money laundering or shell company activities.

Conduct, Culture & Accountability

CCB Hong Kong Unit Fined for IPO Sponsor Failures

By Manesh Samtani | 10/07/2018

SFC has fined CCB International Capital HK$24mn for failing to conduct reasonable due diligence for seafood company Fujion Dongya Aquatics in its 2014 listing.

Anti-Money Laundering

SFC Updates AML/CFT Guideline as FATF Assessment Looms

By JP Reimann | 06/07/2018

Proposals include streamlining of customer onboarding processes and a requirement to implement group-wide AML/CFT systems at overseas branches and subsidiaries.

KYC & CDD

Tax Law Forces New Zealand Banks to Freeze Accounts

By Manesh Samtani | 04/07/2018

Banks required to find out whether customers are foreign tax residents and report to Inland Revenue; unresponsive customers are having their accounts put on hold.

Anti-Money Laundering

FATF Evaluation Underlines AML/CTF Urgency for Chinese Banks

By Ben AuYeung | 03/07/2018

AML/CTF will be pushed further into the regulatory spotlight in coming months as China gears up for the fourth round of mutual evaluations led by the FATF and APG. Whatever the results of the exercise, it will serve as a clear reminder that banks need to take proactive steps to meet inevitable regulatory demands.

Anti-Money Laundering

Japan to Use Credit Scores to Monitor Crypto Trading

By Emma Zhou | 29/06/2018

The Japanese government plans to use personal credit information and social media IDs to monitor suspicious crypto trading activities and accounts.