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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    PEPs & Sanctions

    OFAC Fines Real Estate Company for Sanctions Evasion Scheme

    By Editors | 20/01/2025

    OFAC said FIs that deal with gatekeepers should conduct sufficient due diligence to ensure they are not acting as proxies for sanctioned parties

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    KYC & CDD

    Upbit Facing Potential Business Restrictions for AML Noncompliance

    By Mark Johnston | 19/01/2025

    South Korea’s largest cryptocurrency exchange is facing restrictions on conducting business with new customers for up to three months

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    Cryptocurrency

    SFC Extends ‘Swift Licensing Process’ to New VATP Applicants

    By Sanday Chongo Kabange | 17/01/2025

    The SFC released a circular detailing the new licensing process as well as inspection findings identifying deficiencies in VATP systems and processes.

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    Anti-Money Laundering

    US Fines Crypto Firm BitMEX $100m for AML Violations

    By Nithya Subramanian | 16/01/2025

    The Justice Department said the penalty sends a clear message that companies which violate AML and KYC rules will face strict consequences.

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    Cryptocurrency

    Indonesia OJK Assumes Crypto Oversight, Eyes Investor ID System

    By Nithya Subramanian | 14/01/2025

    Bappebti has handed over regulatory responsibilities for cryptocurrencies and derivatives to the OJK and BI

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    Anti-Money Laundering

    MAS Issues New AML/CFT Notice for Market Operators

    By Nithya Subramanian | 14/01/2025

    The notice targets risks that arise from non-FI direct participants, which are not subject to the same AML/CFT requirements applicable to FI direct participants

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    Anti-Money Laundering

    HKAB Updates AML/CFT FAQs to Align with Revised AMLO

    By Sanday Chongo Kabange | 14/01/2025

    The updated FAQs align with the AMLO amendments that came into force last year and provide additional guidance on dual-use goods.

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    Cryptocurrency

    Crypto Exchange Bybit Suspends Services in India

    By Mark Johnston | 14/01/2025

    Bybit temporarily suspended its trading and account registration services in India until it secures registration with FIU-IND

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    Anti-Money Laundering

    Philippine AMLC Issues New Transaction Reporting Guidelines

    By Sanday Chongo Kabange | 12/01/2025

    The AMLC says the guidelines, to be adopted in phases, are intended to help covered persons carry out one of their “primary duties”

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    Anti-Money Laundering

    Unlocking the Value of GenAI in Financial Crime Compliance

    By Bradley Maclean | 07/01/2025

    SymphonyAI’s Craig Robertson, DBS’ Lam Chee Kin and BOS’ Ng Kok Keong discuss the use of AI in financial crime compliance.

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