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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.
Anti-Money Laundering
Thai Regulators Ask Banks to “Strictly” Adhere to AML Law
By Nithya Subramanian | 03/07/2024
The Bank of Thailand and AMLO have asked financial institutions to follow enhanced due diligence procedures for both customers and their transactions.
Anti-Money Laundering
Wolfsberg Group Calls for More Effective Approach to SARs/STRs
By Manesh Samtani | 01/07/2024
Wolfsberg Group says the value being derived from the constantly increasing volume of SARs/STRs is not contributing proportionately to effective outcomes.
Anti-Money Laundering
Australia Law Body Issues Guidance on AML
By Sanday Chongo Kabange | 01/07/2024
The guidance will safeguard legal practitioners from being “unwittingly” misused by financial criminals.
KYC & CDD
SEBI Seeking to Ease Access to Sovereign Bonds for FPIs
By Editors | 28/06/2024
SEBI is looking to eliminate many of its information requirements, such as disclosure of investor group and beneficial ownership.
Anti-Money Laundering
Switzerland, US to Strengthen Information Exchange Under FATCA
By Editors | 28/06/2024
The US will receive tax information from Switzerland automatically, and Switzerland will also be able to receive information from the US.
KYC & CDD
Vietnam to Require Biometric Authentication for Money Transfers
By Editors | 26/06/2024
The new regulation also prohibits individuals from buying, selling, renting, leasing, or borrowing transaction accounts.
KYC & CDD
BSP Issues New Guidance on Beneficial Ownership Due Diligence
By Sanday Chongo Kabange | 25/06/2024
The paper is intended to help FIs in benchmarking best practices and calibrating their policies, systems, processes and controls.
Fraud, Scams & Cybercrime
HKMA Issues Guidance for Banks on Handling ‘Bogus’ Calls
By Sanday Chongo Kabange | 25/06/2024
The HKMA has directed banks to review and step up measures to protect consumers from “bogus” telephone calls purporting to be from banks.
Anti-Money Laundering
Myanmar Junta Targets Privately Owned Yoma Bank and CEO
By Editors | 22/06/2024
Yoma Bank and its CEO are being investigated by the military junta for transferring assets to Thailand and offering financing for overseas real estate purchases.
Fraud, Scams & Cybercrime
BOT Unveils New Measures to Combat Money Mule Activity
By Editors | 20/06/2024
Banks will be able to immediately suspend electronic channels for individuals red-flagged in the Central Fraud Registry for owning a mule account.
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