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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.
Fraud, Scams & Cybercrime
Korea: Telecom and Financial Industries Join Forces to Combat Fraud
By Editors | 10/04/2024
Authorities overseeing both industries will quickly share new fraud methods with each other and disseminate this information to individual firms.
Anti-Money Laundering
Japan FSA Publishes Revised Version of AML/CFT FAQs
By Hiroshi Ozaki | 08/04/2024
The revisions were made to improve the sophistication of the risk-based approach and reduce prescriptive requirements.
KYC & CDD
India Considers New Agency to Verify Online Lending Apps
By Ajoy K Das | 05/04/2024
The so-called “Digital India Trust Agency” would operate a public registry of digital loan apps that have been vetted for regulatory compliance.
Conduct, Culture & Accountability
Singapore to Implement Vulnerable Customer Safeguards in H2 2025
By Nithya Subramanian | 03/04/2024
Lawrence Wong said MAS aims to issue revised standards by Q4 2024, for implementation by the industry no later than H2 2025.
KYC & CDD
FinCEN Considers Changes to CIP Rule to Modernise AML/CFT Regime
By Sanday Chongo Kabange | 02/04/2024
FinCEN is considering changes to requirements for banks to collect a full Social Security number from customers during onboarding.
KYC & CDD
Malaysia Launches Electronic Beneficial Ownership System
By Editors | 02/04/2024
The system is intended to help companies comply with their obligations to identify, obtain, record, update, and submit beneficial ownership information.
Anti-Money Laundering
MAS Proposes to Require Market Operators to Conduct AML/CFT Checks
By Nithya Subramanian | 01/04/2024
The checks would have to be performed on non-FI market participants that trade directly on organised markets without going through capital market intermediaries.
Anti-Money Laundering
AMLC Names and Shames DNFBPs That Have Failed to Register
By Sanday Chongo Kabange | 01/04/2024
The AMLC named one real estate developer and ten jewelry dealers that have failed to comply with their registration obligations.
Anti-Money Laundering
‘COSMIC’ Information Sharing Platform Launches in Singapore
By Editors | 01/04/2024
COSMIC allow banks to share information on suspicious customers or transactions to help detect and prevent financial crime.
Anti-Money Laundering
Advice Industry Seeks Clarity on AUSTRAC Outsourcing Guidance
By Sanday Chongo Kabange | 28/03/2024
The Financial Advice Association Australia calls on AUSTRAC to provide clear definitions of outsourcing versus reliance arrangements.
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