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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
Anti-Money Laundering
SEBI Issues Clarifications on New Foreign Investor Norms
By Garima Chitkara | 15/03/2018
Foreign Portfolio Investors should not be Indian residents, non-resident Indians or overseas citizens of India; must be from AML/CTF compliant jurisdictions.
Conduct, Culture & Accountability
Malaysia Reveals Bank Employee Screening Policy
By Samuel Riding | 12/03/2018
Financial institutions will be required to forward references, hiring companies must check Financial Markets Association records.
KYC & CDD
New Initiative to Help Boost Correspondent Banking Relationships
By Editors | 08/03/2018
Wolfsberg Group Questionnaire has potential to reduce costs associated with KYC application and streamline the establishment and maintenance of correspondent banking relationships.
KYC & CDD
SBI Fined for Noncompliance with Counterfeit Currency Rules
By Editors | 08/03/2018
Central bank investigators found that State Bank of India had not complied with rules on detection and impounding of counterfeit notes.
Anti-Money Laundering
S. Korea Seeks Powers to Fine False-Name Bank Accounts
By Editors | 07/03/2018
Legislative reforms aimed at granting FSC powers to collect fines of over 50 percent of assets found in false-name bank accounts.
Credit Risk
RBI Fines Axis Bank $460,000 for Bad Loan Classification Failures
By Editors | 07/03/2018
Statutory inspection revealed gross NPAs higher than Axis Bank’s reported numbers; Indian Overseas Bank also fined for KYC failures.
Conduct, Culture & Accountability
Profitability through Compliance Technology: Dreaming the Impossible Dream
By Peter Guy | 05/03/2018
Large technology investments to improve compliance performance have not yielded desired results almost ten years after the global financial crisis.
Cryptocurrency
Thailand Edges Closer to Cryptocurrency Regulation
By Manesh Samtani | 05/03/2018
Securities regulator to propose regulations for initial coin offerings and other forms of cryptocurrency investment.
KYC & CDD
SEBI Mulling Omnibus Accounts for Gift City
By Garima Chitkara | 03/03/2018
Omnibus accounts will allow bank clients to trade without undergoing standard KYC procedures and help boost trading from offshore participants.
KYC & CDD
Bangladesh Bank to Introduce e-KYC for Account Opening
By Editors | 02/03/2018
Electronic KYC will include digital forms and thumbprint verification; bank can access national identity card database for further verification.
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