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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.
KYC & CDD
India: Two FPIs Seek Extension to Comply With New Disclosure Rule
By Ajoy K Das | 10/09/2024
Two Mauritius-based FPIs suspected of being linked to Adani Group have asked for six more months to comply with SEBI’s beneficial ownership disclosure rules.
Anti-Money Laundering
AUSTRAC Issues New Guidance on Outsourcing AML Functions
By Editors | 06/09/2024
Among other things, the guidance covers due diligence of service providers, outsourcing agreements, management and oversight, and performance monitoring.
Anti-Money Laundering
HK Customs Announces Disciplinary Actions Against Four MSOs
By Editors | 06/09/2024
The MSOs failed to keep records of remittance transactions and to identify beneficial owners and PEPs, among other breaches of AML/CTF requirements.
Data Privacy
Japanese Insurers Under Microscope for 2.5m Data Breaches
By Thisanka Siripala | 06/09/2024
Four insurance agencies found leaks of personal information by employees to try and win business and encourage customers to switch providers.
Anti-Money Laundering
HKMA Fines WeChat Pay for AML Control Deficiencies
By Sanday Chongo Kabange | 02/09/2024
WeChat Pay had control deficiencies in its process for undertaking CDD reviews and applying EDD measures.
PEPs & Sanctions
EU Asked to Impose Stronger Measures Against Sanctions Circumvention
By Editors | 02/09/2024
Josep Borrell also calls for stronger measures to prevent sanctions circumvention by EU companies, citing rising exports to “some states which are close to Russia”.
Cryptocurrency
New Zealand to Implement Global Tax Reporting Framework for Crypto
By Jaya Prakash Balakrishnan | 31/08/2024
New Zealand crypto firms will start reporting user and transaction data to the Inland Revenue Department by 30 June 2027.
Cryptocurrency
BCBS Paper Warns of Risks in Permissionless DLT Systems
By Manesh Samtani | 30/08/2024
New working paper describes the risks associated with permissionless DLT, highlighting the need for banks to adopt robust risk management strategies.
Anti-Money Laundering
FinCEN Finalises AML Rules for Investment Advisers, Real Estate
By Manesh Samtani | 30/08/2024
Based on feedback to the February proposals, the final rules walk back certain measures to reduce potential burdens on businesses.
Custody & Infrastructure
Thai SEC Enhances Governance Standards for Crypto Firms
By Editors | 27/08/2024
Crypto firms must have at least five directors on their board, including two independent directors, and establish an audit committee.
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