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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
KYC & CDD
China Probes Major Brokerages for Client Rules Violations
By Editors | 28/08/2015
The China Securities Regulatory Commission has launched an investigation into some of China’s largest brokerages for suspected rule violations.
KYC & CDD
Nepal Investment Bank joins SWIFT’s KYC Registry
By Editors | 27/08/2015
Pioneering bank in Nepal to join The KYC Registry allowing the proactive sharing of information with correspondent banks.
PEPs & Sanctions
State Bank of Pakistan to Clarify Rules for Politically Exposed Persons
By Editors | 20/08/2015
Government officials have ordered the State Bank of Pakistan to stop commercial banks from misusing the term ‘politically exposed persons’ (PEPs) to deny financial services to citizens.
Payments & Settlements
PBOC Proposes Rules to Limit Internet Payments in China
By Editors | 05/08/2015
The draft rules will prevent users from transferring funds to other users’ bank accounts, cap the size of daily transactions and increase identification requirements.
Anti-Money Laundering
HKMA Fines State Bank of India for Breach of AML/CTF Rules
By Editors | 03/08/2015
SBI’s Hong Kong branch fined HK$7.5 million for breaching anti money-laundering and counter terrorism financing rules.
Anti-Money Laundering
Evolving AML and KYC Standards – Now an Integral Part of Financial Institutions
By Editors | 31/07/2015
Increasingly complex and co-dependent regulations and tax policies are changing the process of onboarding and monitoring clients and counterparties.
Anti-Money Laundering
How the Fifa Case is Affecting AML and KYC Procedures
By Peter Guy | 28/07/2015
It is unusual that Fifa was able conduct business for so long despite sensational allegations by the media. Compliance teams need to rethink their standards.
KYC & CDD
Vietnamese Bank Joins SWIFT’s KYC Registry
By Editors | 21/07/2015
SWIFT has announced that Vietnam Bank for Agriculture and Rural Development has joined the Know Your Customer Registry.
KYC & CDD
India Banks to Use Credit Bureaus for KYC Checks
By Editors | 14/07/2015
Indian Banks have started to use credit bureaus to perform identity and background checks as part of their KYC procedures.
Anti-Bribery & Corruption
Anti-Corruption Practices Must Encompass Entire Banking Process
By Peter Guy | 09/06/2015
Expanding due diligence capabilities will require strong data and information resources.
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