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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
Why Hong Kong’s New Trust Rules Won’t Boost AML/CTF Efforts
By Bradley Maclean | 01/03/2018
Rather than comply with new rules on beneficial owner registration and due diligence, many trusts are likely to simply leave Hong Kong for less onerous jurisdictions.
Structural Regulation
India to Ease Capital Markets Norms for Foreign Investors
By Garima Chitkara | 01/03/2018
Government to set up single-window clearance for foreign portfolio investors and allow foreign custodians to trade on behalf of their clients without registering with SEBI.
Anti-Money Laundering
Malaysia Issues AML/CTF Policy for Cryptocurrency Exchanges
By Manesh Samtani | 01/03/2018
Cryptocurrency exchanges are required to fully identify all customers and monitor for money laundering and terrorist financing activities.
KYC & CDD
Indonesian Banks Start AEOI Registration to Report Customer Data
By Editors | 22/02/2018
Indonesian banks, regulators and financial infrastructure firms invited to register with the tax office under AEOI norms.
KYC & CDD
New KYC Norms a Turn-off for India’s Mobile Wallet Users
By Garima Chitkara | 22/02/2018
Less than half of wallet consumers opted to be KYC-compliant before the 28 February deadline; new KYC norms will force telecom firms to verify customer data using third-parties, taking away their current advantage over other payment firms.
Structural Regulation
SEC Blocks China-linked Acquisition of Chicago Exchange
By Editors | 17/02/2018
US regulator says deal didn’t comply with rules governing stock exchange ownership, lacked transparency on source of funds and relationships among investors.
Anti-Money Laundering
IMF, ADB, Aus, NZ Seek Lower Cost Remittances for the Pacific
By Editors | 11/02/2018
Possible solutions include enhancing AML/CFT controls at banks, promoting best practices at money transfer operators, improving information sharing by supervisory authorities.
KYC & CDD
MAS Encourages Fintech Use for KYC, AML Checks
By Garima Chitkara | 08/02/2018
Monetary Authority of Singapore says technology-based customer due diligence could increase the quality of risk management for financial institutions.
Anti-Money Laundering
Hong Kong Includes Non-Financial Entities in AML/CTF Amendments
By Garima Chitkara | 08/02/2018
Hong Kong AML/CTF rules will apply to financial transactions by non-financial entities; SFC requires licensees to screen client lists.
Fraud, Scams & Cybercrime
China Fines 19 Bank Branches for $3bn Pledged Loan Fraud
By Garima Chitkara | 05/02/2018
CBRC cracked down on banks that provided loans against low-purity gold; the regulator expressed concerns on banks’ lending and collateral management norms.
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