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KYC & CDD
News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
Anti-Money Laundering
US Authorities Target US Clients of Trident Trust in Global Tax Probe
By Editors | 07/01/2025
US court order will require US entities of Trident Trust to reveal the identities of US taxpayer clients who used its services.
KYC & CDD
US Court Blocks Beneficial Ownership Reporting Again
By Manesh Samtani | 06/01/2025
An order to reinstate beneficial ownership reporting obligations was reversed. DOJ has now taken the case to the Supreme Court
PEPs & Sanctions
Thailand Works to Address Risks of Myanmar Transactions
By Manesh Samtani | 04/01/2025
No evidence was found that transactions with Myanmar were linked to weapons purchases. A new sanctions policy has been issued.
KYC & CDD
Taiwan FIs to Connect ‘Financial Fast-ID’ Verification Systems
By Editors | 02/01/2025
A cross-system verification hub is being developed to connect the existing digital identity verification systems of various FIs.
Fraud, Scams & Cybercrime
Vietnam Launches Nationwide Campaign Against Online Fraud
By Editors | 01/01/2025
Measures include developing an interagency coordination model and enhancing account verification, Internet banking security, and controls on crypto-related transactions.
KYC & CDD
Court Reinstates FinCEN’s Beneficial Ownership Reporting Rule
By Manesh Samtani | 25/12/2024
The Court lifted an injunction that reinstates a 1 January 2025 reporting deadline. FinCEN has extended the deadline to 13 January 2025.
Fraud, Scams & Cybercrime
US Regulator Files Lawsuit Targeting Zelle and Three Major Banks
By Editors | 24/12/2024
The CFPB says JPMorgan, BofA and Wells Fargo failed to implement anti-fraud safeguards on Zelle, resulting in $870mn in losses to customers over 7 years.
Structural Regulation
SEBI Tightens Norms on Issuance of ODIs by FPIs
By Editors | 18/12/2024
New requirements on the issuance and use of offshore derivative instruments by FPIs are being introduced to prevent regulatory arbitrage.
Anti-Money Laundering
AUSTRAC Sues Online Betting Site Operator Entain for AML Breaches
By Sanday Chongo Kabange | 17/12/2024
AUSTRAC CEO said the failures in Entain’s approach to its AML/CTF obligations were “systemic” and “left the company at serious risk of criminal exploitation”
Anti-Money Laundering
Malaysia Advances Bill to Amend Trustee Act for AML/CFT
By Editors | 17/12/2024
The amendments will impose AML/CFT obligations on trustees, including requirements to maintain records on beneficial ownership.
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