KYC & CDD

Anti-Money Laundering

Japanese Crime Bosses Had Singapore Connection – Report

By Nithya Subramanian | 23/09/2024

Three leaders of the Rivaton Group, which allegedly laundered funds for criminal groups, resided in and were directors of companies in Singapore.

Fraud, Scams & Cybercrime

Singapore Banks to Roll Out Singpass Face Verification for Scam Protection

By Nithya Subramanian | 19/09/2024

MAS said that the feature will be rolled out over the next three months to strengthen digital token security and safeguard customers from scams.

KYC & CDD

AUSTRAC Encouraging Flexibility for Customers Without Standard ID

By Thisanka Siripala | 19/09/2024

AUSTRAC clarifies that alternative identification procedures are encouraged when customers cannot easily obtain or access standard forms of ID.

Anti-Money Laundering

China Consults on Revisions to Anti–Money Laundering Law

By Manesh Samtani | 17/09/2024

The revisions now include stronger protections for personal data and requirements for FIs to assess and manage risks arising from new technologies.

Anti-Money Laundering

Singapore: Enhanced AML Checks Are Impacting Client Onboarding

By Nithya Subramanian | 17/09/2024

Enhanced checks and controls for banks have started to delay onboarding, but they are expected to lead to a safer business environment.

Anti-Money Laundering

US OCC Imposes Restrictions on Wells Fargo for AML Deficiencies

By Editors | 17/09/2024

The OCC requires Wells Fargo to address deficiencies and seek prior written approval before launching new products or services or entering new geographies.

Payments & Settlements

Japan Backs FSB Plan to Streamline Cross-border Payments

By Thisanka Siripala | 12/09/2024

However, the Japanese Bankers Association is calling for incentives to help boost the adoption of LEIs, which are currently costly and complex to implement.

KYC & CDD

GCFFC Calls for Better Access to Global Beneficial Ownership Data

By Manesh Samtani | 12/09/2024

In a new report, the GCFFC outlines key considerations for building technological systems to standardise the collection and publication of BO data across jurisdictions.

Fraud, Scams & Cybercrime

State Bank of Vietnam Tightens Grip on Account Fraud – Report

By Nithya Subramanian | 11/09/2024

Financial institutions are now required to provide monthly updates on accounts showing signs of fraud or other legal violations.