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

    BNM Launches Integrated Platform to Help FIs Combat Fraud

    By Jaya Prakash Balakrishnan | 22/08/2024

    The platform allows automated fund tracing and recovery, information sharing and collaboration, and data-driven mule assessments.

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    Fraud, Scams & Cybercrime

    South Korea Enhances Measures Against Voice Phishing Frauds

    By Mark Johnston | 20/08/2024

    New measures effective from 28 August will require FIs and prepaid providers to share information and introduce more controls to guard against fraud.

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    Fraud, Scams & Cybercrime

    AFCA Calls on Super Funds to Adopt Anti-Scam Measures

    By Editors | 15/08/2024

    AFCA’s Heather Gray said more sophisticated scam activity is occurring in superannuation, in line with trends in the banking sector.

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    Anti-Money Laundering

    Singapore Charges Ex-Bankers in Money Laundering Case

    By Nithya Subramanian | 15/08/2024

    Former Citibank and Julius Baer relationship managers are accused of forging documents, money laundering and obstructing justice.

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    KYC & CDD

    BSP Mandates Acceptance and Verification of Digital IDs

    By Ranamita Chakraborty | 14/08/2024

    Financial institutions in the Philippines must now accept all national ID formats, including digital IDs, after verifying its authenticity.

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    Anti-Money Laundering

    Mekong Club Calls on FIs to Bolster Efforts Against Modern Slavery

    By Nithya Subramanian | 13/08/2024

    Mekong Club published a new report offering recommendations, typologies and indicators to help FIs address modern slavery risks.

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    KYC & CDD

    Cayman Islands: New Beneficial Ownership Regime Commences

    By Editors | 09/08/2024

    Beneficial ownership information will not yet be available to the public in light of the November 2022 ruling by the European Court of Justice.

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    KYC & CDD

    HKMA Issues Circular on Changes to Tax Reporting Jurisdictions

    By Sanday Chongo Kabange | 08/08/2024

    The HKMA said banks are expected to treat customers fairly and minimise their burden when reporting their tax information.

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    Anti-Money Laundering

    Revised Anti-Money Laundering Law Takes Effect in Taiwan

    By Manesh Samtani | 08/08/2024

    The amendments introduce criminal penalties for overseas crypto firms that offer services in Taiwan without establishing a local unit and complete an AML registration process.

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    Trading & Investment

    SEBI Proposes Stricter Rules for Offshore Derivatives Issuance

    By Ajoy K Das | 08/08/2024

    Issuers will be required to maintain a separate dedicated FPI registration and prohibited from using Indian derivatives as the underlying.

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