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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
Trading & Investment
SFC Eying Rules on Instant Message Trade Orders
By Samuel Riding | 16/04/2018
Executive director also says regulator to develop common standard on the content and format of data required to be kept by investment firms.
KYC & CDD
India Issues New Beneficial Ownership, KYC Norms for Foreign Investors
By Garima Chitkara | 12/04/2018
Indian securities regulator specifies a narrow definition and identification of beneficial ownership for foreign investors into India and establishes new KYC norms.
KYC & CDD
China Tightens ID Card Verification at Banks
By Editors | 12/04/2018
Participating banks are now obliged to report to the police attempts to use ID cards that are fake or belonging to another person.
Tokenisation
Japan Proposes Regulatory Framework to Legalise ICOs
By Manesh Samtani | 09/04/2018
Government-backed research group proposes rules for identifying investors, preventing money laundering and protecting equity and debt holders.
Payments & Settlements
Thailand Banks on Blockchain
By Manesh Samtani | 22/03/2018
Central bank plans adoption of blockchain for interbank settlements, bond issuance; leading banks launch joint initiative on blockchain based letters of credit.
Anti-Money Laundering
HK, India Sign Tax Pact
By Editors | 22/03/2018
Hong Kong investors will pay half the normal withholding tax rate on the interest earned on their investments in India.
Anti-Money Laundering
S.Korea Tax Authority Fines Brokers for ‘Borrowed Name’ Accounts
By Editors | 21/03/2018
Brokerages penalised for Samsung chief’s borrowed-name accounts will seek to recover money from the electronics giant.
KYC & CDD
Indonesian State-owned Lender to Introduce Biometric Security
By Editors | 21/03/2018
System, which is awaiting approval from financial service authority, will require either fingerprint or retina scanning.
KYC & CDD
FSB Reports Progress on Correspondent Banking Decline
By Manesh Samtani | 19/03/2018
Report discusses strengthening due diligence tools to support correspondent banking relationships and improved monitoring.
Cryptocurrency
Money 20/20: MAS Speaks Out on Crypto Risks, Blockchain
By Manesh Samtani | 17/03/2018
In a speech at Money 20/20 Asia, MAS managing director Ravi Menon spoke about the promise of blockchain technology and containing cryptocurrency risks; AML/CTF risks present a “clear and present danger”.
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