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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
National Risk Assessment Reinforces Need for AML Reforms: AUSTRAC CEO
By Editors | 20/06/2024
AUSTRAC CEO Brendan Thomas said the need to respond to the vulnerabilities posed by professional services firms is now “more critical than ever”.
Anti-Money Laundering
Japan to Tighten AML Controls to Target Organised Crime
By Manesh Samtani | 18/06/2024
Prompted by a $444mn money laundering case, Japanese regulators will ask banks to do more to detect criminal abuse of accounts.
Anti-Money Laundering
Malaysia SC Issues Revised AML/CFT/CPF Guidelines
By Editors | 17/06/2024
The updated guidelines include requirements to identify and perform due diligence on counterparty VASPs before transmitting information to them.
Fraud, Scams & Cybercrime
Singapore Govt Agencies to Use Common SMS Sender ID
By Nithya Subramanian | 14/06/2024
All government agencies in Singapore will use the same SMS Sender ID to safeguard the public against scams.
Fraud, Scams & Cybercrime
Westpac Enhances Security Features to Protect Against Scams
By Sanday Chongo Kabange | 13/06/2024
Westpac’s Ben Young said the new security features will help individuals and small businesses identify potential scams before they have made a payment,
Anti-Money Laundering
Singapore Authorities Tighten Scrutiny of Family Offices
By Nithya Subramanian | 12/06/2024
The annual forms for family offices with tax exemptions now ask for more details about beneficial owners and directors.
Anti-Money Laundering
Singapore Sentences 10th Individual in Money Laundering Case
By Nithya Subramanian | 11/06/2024
Su Jianfeng was sentenced to 17 months. Meanwhile, banks are tightening scrutiny of wealthy clients and providing additional training to staff.
Anti-Money Laundering
Singapore Sentences 9th Individual in Money Laundering Case
By Manesh Samtani | 10/06/2024
Wang Dehai was sentenced to 16 months in prison; 17 other suspects at large overseas; Deposits involved in the case were held at 16 banks.
KYC & CDD
SEBI Directs KRAs to Integrate with Central KYC Registry
By Ajoy K Das | 07/06/2024
KYC Registration Agencies will have to integrate their systems with the CKYCRR and start uploading data from 1 August.
KYC & CDD
SEBI Relaxes Timeline for FPIs to Disclose Material Changes
By Ajoy K Das | 06/06/2024
“Type I” material changes must be disclosed within seven days, but supporting documents can be provided within 30 days.
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