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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    Fraud, Scams & Cybercrime

    India: RBIH Wants Banks to Use AI to Detect Mule Accounts

    By Editors | 03/12/2024

    The Reserve Bank Innovation Hub is reportedly in talks with ten public and private banks about adopting its “Mulehunter.Ai” tool to identify mule accounts.

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    Fraud, Scams & Cybercrime

    Meta Tightens Ad Rules to Curb Financial Scams​ in Australia

    By Thisanka Siripala | 02/12/2024

    Meta will require financial advertisers to verify their AFSL numbers and disclose payer and beneficiary information

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    Anti-Money Laundering

    Morgan Stanley Internal Documents Show Scale of AML Deficiencies

    By Nithya Subramanian | 30/11/2024

    Nearly a quarter of the bank’s international wealth accounts were reportedly flagged in 2023 for elevated money laundering risks.

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    KYC & CDD

    Wise Tightens AML Compliance Following Regulatory Review in Europe

    By Thisanka Siripala | 30/11/2024

    The National Bank of Belgiumreportedly found in 2022 that Wise lacked proof of address for hundreds of thousands of customers.

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    Anti-Money Laundering

    FCA Unveils New 5-year Strategy to Boost Trust in UK Market

    By Editors | 29/11/2024

    FCA chief operating officer Emily Shepperd said tackling financial crime is one of four pillars of the new strategy.

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    Anti-Money Laundering

    APG Typologies Report Shines Light on Misuse of Legal Persons

    By Thisanka Siripala | 28/11/2024

    The APG’s 2024 typologies report says legal persons including shell companies have emerged as primary vehicles misused by criminals.

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    Anti-Money Laundering

    Taiwan FSC Fines Two Crypto Exchanges for AML Violations

    By Mark Johnston | 28/11/2024

    FSC investigations found lapses involving CDD, transaction monitoring, record-keeping, and suspicious transaction reporting.

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    Supervision & Enforcement

    FSC Korea Implements Plan to Reduce Foreign Exchange Violations

    By Mark Johnston | 26/11/2024

    The FSC has launched a plan to reduce foreign exchange violations to minimise penalties for financial consumers.

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    Anti-Money Laundering

    UK Government Pushes for Public Beneficial Ownership Registers

    By Mark Johnston | 26/11/2024

    The UK government has reaffirmed its commitment to establishing fully public beneficial ownership registers.

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    Fraud, Scams & Cybercrime

    S. Korean Police Confirm DPRK’s Role in 2019 Upbit Theft

    By Mark Johnston | 25/11/2024

    North Korean hackers stole 342,000 Ethereum tokens from Upbit in 2019. At today’s prices the tokens would be worth over $800mn.

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