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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
HK SFC, Police Join Forces to Combat Financial Crime
By Samuel Riding | 29/08/2017
Agreement aims to clamp down on financial crime via securities markets; SFC has identified ‘multiple weaknesses’ in broker AML/CTF.
Supervision & Enforcement
Philippine Central Bank Strengthens Compliance Standards
By Editors | 28/08/2017
Chief compliance officer must be full-time, boards given overarching responsibility; foreign banks must translate all documents into English.
Anti-Money Laundering
Indian Brokers’ AML Compliance Under Heightened Scrutiny
By Editors | 20/08/2017
SEBI warned nearly 500 entities on possible money laundering over the last financial year; conducted 245 investigations into illegal stock market activity.
Cybersecurity
HKMA Collecting UnionPay ATM Withdrawal Data
By Garima Chitkara | 10/08/2017
Regulator has asked for number of withdrawals and amounts to regulate the use of UnionPay cards in Hong Kong.
Conduct, Culture & Accountability
A Front Line Out of Control
By Peter Guy | 07/08/2017
Conduct and regulatory risks continue to mount as China’s crackdown on corruption puts pressure on private banks and wealth managers.
Anti-Money Laundering
Korea Regulator Flags Weaknesses in Foreign Banks’ AML
By Editors | 31/07/2017
FSS reveals details of AML audits covering banks and other financial services providers, says to impose strict sanctions against regulatory […]
KYC & CDD
China CRS Less Burdensome than Expected
By Editors | 27/07/2017
But law firm warns that CRS elsewhere is likely to have greater impact on Chinese residents, particularly those who invest […]
KYC & CDD
Singapore Regtechs Innovate New KYC Methods
By Editors | 24/07/2017
Regtech firms Silent Eight and Black Swan technologies emerge from OCBC’s Open Vault to cut KYC processes from up to […]
KYC & CDD
HK’s New Financial Services Chief Advocates Centralised KYC Registry
By Editors | 19/07/2017
Top official says updated ID cards with greater security could be used as basis of the centralised KYC; boost Hong Kong’s status in fintech.
Anti-Money Laundering
Japan FSA Probing AML Compliance at Regional Banks
By Editors | 12/07/2017
Regulator concerned rules introduced last October are not being executed consistently as regional and other smaller banks deal with increasing number of international transactions.
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