KYC & CDD

PEPs & Sanctions

Maximum Pressure: US, HK Act to Firm Up North Korea Sanctions

By Nick Turner | 25/06/2018

Despite the glad-handing between Donald Trump and Kim Jong-un in Singapore earlier this month, the legal landscape surrounding North Korea sanctions remains unchanged since March 2018. AML (anti-money laundering) risks will remain a focus of attention in Hong Kong and elsewhere.

KYC & CDD

Hong Kong FSDC Releases Digital ID and KYC Utility Report

By Garima Chitkara | 25/06/2018

The FSDC has laid out four key recommendations for creating a digital identity and e-KYC based infrastructure for Hong Kong.

KYC & CDD

India Tightens Outward Remittance Norms To Check Fund Flows

By Garima Chitkara | 21/06/2018

The RBI requires the quoting of permanent account numbers for all transactions. It has also tightened the definition of “close relative” for funds sent for the “maintenance” of close relatives under its remittance regulation.

Trading & Investment

GIFT City Exchanges Launch Omnibus Account Structure

By Manesh Samtani | 14/06/2018

BSE’s India INX and NSE IFSC have launched the segregated nominee account structure, allowing foreign investors to avoid direct FPI registration and instead trade Indian equities through established intermediaries.

KYC & CDD

ASIFMA Publishes AML/KYC Best Practice Paper

By JP Reimann | 11/06/2018

Industry group focuses on nine AML/KYC areas, largely drawn from industry consensus of best practices currently applied by members in Hong Kong and Singapore.

KYC & CDD

Foreign Tax Status Disclosures Required by New Zealand Banks

By Manesh Samtani | 07/06/2018

Banks required to report customers’ foreign tax status by 30 June; customers that do not respond may have their accounts frozen or closed.

Cryptocurrency

Cryptocurrency in APAC: Opportunity, Challenge, and Risk

By David Liu | 06/06/2018

Financial institutions are at risk from the inherently opaque nature of cryptocurrency transactions, and require robust compliance programs to mitigating legal, financial, reputational, and regulatory risks.

KYC & CDD

SFC Fines Wealth Manager Noah Holdings for Internal Control Failures

By JP Reimann | 30/05/2018

The firm was fined HK$5mn for failures in client risk profiling and product due diligence, resulting in potentially unsuitable investment products being sold to clients.

Trading & Investment

SEBI Further Eases GIFT City Market Access for Foreign Investors

By Garima Chitkara | 28/05/2018

SEBI has allowed a segregated nominee account structures for routing foreign stock trade orders at India’s IFSC, known as GIFT City.