KYC & CDD

    News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.

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    Anti-Money Laundering

    FinCEN Moves to Cut Off Cambodia’s Huione Group from US Financial System

    By Nithya Subramanian | 02/05/2025

    FinCEN said Huione Group laundered over $4 billion in illicit funds linked to North Korean cyber heists and cryptocurrency scams across Southeast Asia.

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    KYC & CDD

    FIU-IND Sets 30 June Deadline for Reverification of Crypto User KYC Data

    By Manesh Samtani | 02/05/2025

    FIU-IND has directed crypto exchanges to refresh their KYC data for all users whose details are older than 18 months.

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    Conduct, Culture & Accountability

    RBI Approves Interim Leadership Committee for IndusInd Bank

    By Nithya Subramanian | 02/05/2025

    The interim executive committee was formed after the abrupt exit of CEO Sumant Kathpalia, who resigned amid controversy over misreported derivative trades.

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    Anti-Money Laundering

    UAE Publishes New National Risk Assessment Report

    By Nithya Subramanian | 01/05/2025

    The report calls for stronger controls, improved due diligence, and enhanced coordination across regulated sectors.

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    Anti-Money Laundering

    KOFIU Announces AML Penalties Against Six Firms Including NH Futures

    By Editors | 27/04/2025

    NH Futures violated its EDD obligations, while a casino operator and four credit cooperatives didn’t report high-value cash transactions on time.

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    KYC & CDD

    China Launches Pilot Programme to Automate Audit Report Verification

    By Manesh Samtani | 26/04/2025

    Eight pilot banks will be able to use a new system to verify that audit reports received from loan applicants are genuine and up-to-date.

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    Fraud, Scams & Cybercrime

    HKPF Arrests Eight Over AI-Enabled Fraudulent Account Opening

    By Mark Johnston | 26/04/2025

    The eight arrests were part of a broader crackdown that led to 503 total arrests over a 10-day period in April.

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    Fraud, Scams & Cybercrime

    Myanmar’s Scam Factories: A Descent Into the Heart of Financial Darkness

    By Nathan Lynch | 25/04/2025

    Industrial-scale scam operations run by criminal syndicates in Myanmar present a daunting challenge to banks and law enforcement, writes Nathan Lynch.

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    Market Abuse

    JSDA Proposes Rule Changes to Enhance Insider Trading Controls

    By Thisanka Siripala | 24/04/2025

    The proposed changes would require firms to match customer data against a new database four times a year from May 2026.

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    KYC & CDD

    India Issues Rules for KYC Registration Agencies in GIFT City

    By Nithya Subramanian | 24/04/2025

    The regulations outline eligibility, compliance, and cybersecurity requirements for KYC Registration Agencies operating in GIFT City.

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