KYC & CDD

Supervision & Enforcement

UK FCA Fines Coinbase Unit for ‘Repeated’ Regulatory Breaches

By Editors | 26/07/2024

The Coinbase payments subsidiary provided payment services to more than 13,000 “high-risk” customers, despite being subject to restrictions imposed by the FCA.

KYC & CDD

RBI Revises Framework for Domestic Money Transfer Services

By Ajoy K Das | 25/07/2024

The revisions tighten KYC record keeping, AFA validation and transaction message requirements for domestic money transfers.

Payments & Settlements

India Launches Digital Payments Wallet for Inbound Travellers

By Ajoy K Das | 24/07/2024

The ‘UPI One World’ wallet is a prepaid payment instrument enabling visitors to India to make cashless payments across the country.

Fraud, Scams & Cybercrime

RBI Flags Concerns Over Digital Fraud, Outsourcing Risks

By Ajoy K Das | 24/07/2024

RBI governor Shaktikanta Das called on banks to strengthen customer onboarding and transaction monitoring to address digital fraud.

KYC & CDD

Philippine SEC Launches New Digital Services Platform

By Editors | 22/07/2024

The eSECURE platform will serve as a user’s digital passport to the different online services provided by the SEC.

Anti-Money Laundering

Thai Banks Urged to Tighten Scrutiny of Myanmar Transactions

By Editors | 20/07/2024

Thai Foreign Minister told parliament that the government will meet with banks regarding their due diligence processes for Myanmar transactions.

KYC & CDD

India Issues New Forms for Disclosing Beneficial Ownership

By Ajoy K Das | 19/07/2024

The Ministry of Corporate Affairs published two new forms for companies to use to disclose beneficial ownership and related changes.

Anti-Money Laundering

FATF Issues Update on Standards Work for the NPO Sector

By Manesh Samtani | 19/07/2024

The FATF will revise Recommendation 1 to better enable financial inclusion by improving the risk-based approach and supervision.

Fraud, Scams & Cybercrime

Australia Fines Telstra for Failure to Authenticate Customer IDs

By Editors | 18/07/2024

The ACMA said Telstra failed to use ID authentication processes for 168,000 high-risk customer interactions, such as SIM-swap requests and password resets.