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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
China to Clampdown on Money Laundering via Property Market
By Editors | 06/11/2017
**Developers to conduct due diligence checks on sources of funding, buyers must use their own accounts to make property purchases in AML drive.
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KYC & CDD
RBI Confirms ID-Bank Account Link Compulsory, to Create Public Credit Registry
By Editors | 25/10/2017
Central bank says Aadhar cards must be linked to bank account; proposed credit registry to be open to ‘all stakeholders’.
KYC & CDD
Dangers in Banks Supply Chain Facilitation
By JP Reimann | 19/10/2017
Why supporting supply chain activity could be a regulatory and reputational minefield for banks.
Trading & Investment
India to Allow Currency Hedging by Non-resident Companies
By Samuel Riding | 19/10/2017
RBI (the Reserve Bank of India) will allow central treasuries used by non-resident companies to hedge their rupee currency risk from trade transactions.
KYC & CDD
FIs No Longer Have to Verify Client Addresses for AML/CTF – HKMA
By Editors | 12/10/2017
AML/CTF regulations to be changed; banking regulator says any current absence of address verification will be seen as justified.
KYC & CDD
Standard Chartered Guernsey-Singapore Transfers Under Investigation
By Editors | 09/10/2017
Authorities suggest bank may have conducted $1.4bn of transfers to Singapore to avoid being caught under Common Reporting Standard.
KYC & CDD
Japan FSA to Trial Blockchain KYC
By Editors | 25/09/2017
Blockchain KYC will allow customers to open multiple accounts without having to go through individual onboarding procedures each time.
Anti-Money Laundering
Indonesia Tightens AML Rules to Address Fintech Complexity
By Editors | 14/09/2017
Bank Indonesia says new technological developments and innovations have increased risks of money laundering via payment and forex systems.
Anti-Money Laundering
Philippines Banker Indicted for Bangladesh Heist Role
By Editors | 11/09/2017
Banker accused of facilitating transfer of $14mn into fake accounts, transferring money to a single account without following KYC procedures.
KYC & CDD
Malaysia Central Bank to Finalise e-KYC Standards
By Editors | 11/09/2017
BNM governor has said the central bank intends to operationalise industry-wide e-KYC from next year; regulations for use in remittances to come soon.
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