ADVERTISEMENT
KYC & CDD
News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
Data Privacy
Singapore Court Jails Ex-DBS Staff for Unauthorised Access to Customer Data
By Nithya Subramanian | 25/11/2024
Huang Pin Wen was sentenced to eight months and seven weeks in jail for accessing customer information, including at the request of an illegal moneylender.
KYC & CDD
Singapore Court Fines Jeweller for Failing to Perform CDD
By Nithya Subramanian | 23/11/2024
The case is Singapore’s first prosecution under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act.
Anti-Money Laundering
Australia Consults on Enhanced Beneficial Ownership Reforms
By Sanday Chongo Kabange | 15/11/2024
The reforms aim to increase the disclosure of ownership information for listed companies and broaden the ASIC’s regulatory enforcement powers.
KYC & CDD
KoFIU Identifies Over 500,000 Potential KYC Violations at Upbit
By Mark Johnston | 15/11/2024
Upbit reportedly accepted identification from customers when the name or registration number on the ID was blurred and not properly identified.
Fraud, Scams & Cybercrime
New FinCEN Alert Offers Guidance on Detecting AI Deepfakes
By Editors | 15/11/2024
The alert explains typologies and provides red flag indicators to assist in identifying fraud schemes that leverage deepfake media created with GenAI tools.
PEPs & Sanctions
OFAC Probes UBS for Russia Risk from Credit Suisse Takeover
By Editors | 13/11/2024
OFAC is reportedly seeking information from UBS about the Russian clients the bank took on when it bought Credit Suisse in March 2023.
Anti-Money Laundering
AUSTRAC Launches New System for Enrolment, Registration and Reporting
By Sanday Chongo Kabange | 12/11/2024
AUSTRAC says the new online portal makes it easier and faster to enrol or register a new business and to meet AML/CTF obligations.
Anti-Money Laundering
PBOC Fines Two Leading Securities Firms for AML Violations
By Editors | 07/11/2024
The two firms were penalised for failures to properly identify customers and submit suspicious transaction reports, and for conducting transactions with unidentified customers.
Fraud, Scams & Cybercrime
ABA and Westpac Launch New Toolkit to Combat Financial Abuse
By Thisanka Siripala | 07/11/2024
The new “Safety by Design” toolkit will help banks ensure their products and services are designed to better safeguard customers from financial abuse.
Anti-Money Laundering
Thai SEC Directs Crypto Firms to Report Suspicious Transactions
By Editors | 05/11/2024
The SEC directive is a response to a case involving the alleged use of the USDT stablecoin to launder money.
JOIN OUR NEWSLETTER
An exclusive weekly selection of top stories from the Regulation Asia editorial team.