KYC & CDD

KYC & CDD

Singapore: First Batch of Changes to Business Trusts Act Take Effect

By Manesh Samtani | 14/03/2024

Phase 1 implementation introduces requirements for CEOs of business trusts to disclose their interests in transactions, among other provisions.

Anti-Money Laundering

Wolfsberg Group Issues Updated Statement on Terrorism Financing

By Manesh Samtani | 13/03/2024

The statement has been updated from the 2002 version to reflect changes in terrorism, CTF measures, and the evolving nature of public-private cooperation.

Anti-Money Laundering

Singapore Proposes Tighter Rules for Corporate Service Providers

By Nithya Subramanian | 13/03/2024

All CSPs would be required to register with ACRA and subject to AML/CFT obligations. The use of nominee directors is being curtailed.

Anti-Money Laundering

Singapore Reported to be Scrutinising Wealth from Chinese

By Editors | 12/03/2024

Family office applications with Chinese-affiliated wealth have been denied and applicants are facing tough questions.

Anti-Money Laundering

HM Treasury Consults to Ways to Enhance AML/CFT Regime

By Nithya Subramanian | 12/03/2024

The consultation seeks views on ways to make CDD checks more proportionate and effective, and how to ensure information sharing and collaboration gateways are open and useful.

Anti-Money Laundering

FATF Issues Final Guidance to Support Implementation of R.25

By Editors | 12/03/2024

The guidance explains requirements to obtain adequate, accurate and up-to-date UBO information for express trusts and similar legal arrangements.

KYC & CDD

SEBI’s FPI Disclosure Rules Create Anxiety for Foreign Funds

By Editors | 12/03/2024

Requirements for FPIs to disclose information about their investors present legal, regulatory and practical challenges for foreign funds.

Anti-Money Laundering

Singapore’s COSMIC Initiative Will Prioritise Consumer Safeguards

By Nithya Subramanian | 12/03/2024

COSMIC, launching in May, requires banks to implement a number of safeguards to protect legitimate customers from having their information shared.

Anti-Money Laundering

Financial Crime Compliance Costs Grow in APAC: Study

By Nithya Subramanian | 06/03/2024

A study from LexisNexis Risk Solutions finds the higher costs are attributed to technology, labour, and the growing use of crypto and AI tech for illicit activities.