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

    MAS Fines Atrium Asia Investment Management for AML/CFT Breaches

    By Nithya Subramanian | 30/10/2024

    The firm’s CEO was also reprimanded over failures to assess risks posed by customers, identify PEPs, and keep adequate records.

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    Cryptocurrency

    SFC Announces Next Steps for Hong Kong Virtual Asset Regime

    By Manesh Samtani | 28/10/2024

    More VATP applicants will be licensed by year-end, and a consultative panel comprising all licensees will be established in 2025 to draw lessons for new licensing frameworks.

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    KYC & CDD

    BNM Fines MSB Licensee for Circumventing CDD Process

    By Mark Johnston | 27/10/2024

    BSB Darussalam personnel deliberately split transactions into amounts below MYR 3,000 to avoid CDD requirements.

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    KYC & CDD

    GLEIF Opens Mumbai Office to Support LEI Adoption in India

    By Editors | 25/10/2024

    The new office will help GLEIF build closer engagement with the market to ease and support LEI adoption, while also spreading awareness of the vLEI.

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    Cloud & Infrastructure

    HKMA Launches Developer Platform for IADS Initiative

    By Manesh Samtani | 24/10/2024

    The platform provides test data and simulated APIs to facilitate collaboration between banks and tech firms to develop data-driven products and services.

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    Fraud, Scams & Cybercrime

    Singapore Raises Concerns Over Surge in Scams on Telegram

    By Nithya Subramanian | 23/10/2024

    During the first half of 2024, the number of scam cases reported on Telegram spiked by 137%, said Singapore minister Sun Xueling.

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    Payments & Settlements

    FSB Reports on Progress to Enhance Cross-border Payments

    By Manesh Samtani | 22/10/2024

    Adoption of the LEI in cross-border payments remains a challenge. Progress toward achieving targets has been limited across wholesale, retail, and remittances.

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    Conduct, Culture & Accountability

    SFC Suspends Former Private Banker for Regulatory Breaches

    By Editors | 22/10/2024

    The former Julius Baer private banker lied about meeting a client face-to-face for account opening and about 14 transactions being unsolicited.

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    Anti-Money Laundering

    MAS to Continue Suspension of Certain China Remittance Channels

    By Nithya Subramanian | 27/09/2024

    MAS is still reviewing whether to expand the suspension to corporate and legal entity customers of remittance companies.

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    Anti-Money Laundering

    India to Ask FATF to Bring Online Gaming Under AML Framework

    By Ajoy K Das | 26/09/2024

    India is seeking to require online gaming companies to adhere to KYC norms and report suspicious transactions.

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