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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    Structural Regulation

    SEBI Allows NRIs, OCIs to Fully Own GIFT City FPIs Entities

    By Ajoy K Das | 03/05/2024

    Non-resident Indians and overseas citizens of India will be allowed to own up to 100 percent in FPIs, compared to just 50 percent previously.

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    KYC & CDD

    China Issues New Rules on Beneficial Ownership Registration

    By Manesh Samtani | 03/05/2024

    The new regulations will come into effect on 1 November 2024. Existing in-scope entities will have until 1 November 2025 to register beneficial owner information.

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    Structural Regulation

    Redomiciling VCC Funds to Singapore Can Be ‘Daunting’

    By Nithya Subramanian | 02/05/2024

    Besides navigating a complex maze of regulatory, tax and operational hurdles, the spectre of asset illiquidity during transition looms large.

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    Anti-Money Laundering

    US Court Sentences Binance Founder to Four Months Jail

    By Editors | 01/05/2024

    The sentence was below the three years requested by prosecutors and the 18 month maximum recommended under federal guidelines.

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    KYC & CDD

    India: AMFI in Talks with SEBI to Resolve Mutual Fund KYC Logjam

    By Ajoy K Das | 01/05/2024

    New KYC validation process is preventing mutual fund investors from undertaking new mutual fund transactions, including redemptions.

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    Anti-Money Laundering

    China Seeks Feedback on Draft Revisions to AML Law

    By Editors | 29/04/2024

    The scope of the law is expanded to cover non-financial businesses and professions and formally adopt the concept of “beneficial ownership”, among other changes.

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    Cryptocurrency

    ATO Asks Crypto Firms to Hand Over User Data

    By Sanday Chongo Kabange | 27/04/2024

    The ATO says the data collection effort is to ensure that crypto traders are fulfilling their tax lodgment, reporting and payment obligations.

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    Anti-Money Laundering

    EU Parliament Adopts AMLD6 and Related Regulations

    By Mark Johnston | 25/04/2024

    The legislation now awaits formal adoption by the European Council before being published in the EU’s Official Journal.

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    Sustainable Finance

    AVPN Launches Social Investing Platform in Singapore

    By Nithya Subramanian | 25/04/2024

    ImpactCollab launched with MAS support, offering due diligence resources to facilitate impact investing and philanthropic giving.

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    Fraud, Scams & Cybercrime

    Indian NBFC Detects Vehicle Loan Fraud Worth $18m

    By Ajoy K Das | 25/04/2024

    The fraud involved forgery of KYC documents related to retail vehicle loans, resulting in company funds being embezzled.

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