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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.
KYC & CDD
CBA Becomes First Australia-based LEI Validation Agent
By Editors | 21/02/2024
CBA can now obtain and maintain LEIs for clients leveraging its ‘business-as-usual’ KYC and onboarding processes.
Anti-Money Laundering
Australia to “Shortly” Issue New Consultation on Tranche 2 AML Reforms
By Manesh Samtani | 20/02/2024
Officials said feedback to last year’s consultation was “very supportive” and the upcoming consultation will be more detailed.
Fraud, Scams & Cybercrime
Singapore Scam Cases Skyrocket by 46.8% in 2023: SPF
By Ranamita Chakraborty | 19/02/2024
Singapore Police reported a nearly 50% year-on-year increase in scam cases for 2023, though a slight reduction in losses.
Anti-Money Laundering
BaFin Warns Deutsche Bank Over Transaction Monitoring Systems
By Mark Johnston | 19/02/2024
The mandate of a special monitor appointed in 2018 is being extended until end-October to oversee efforts to enhance the bank’s systems for processing transaction data.
Payments & Settlements
RBI Directs Card Networks to Stop Facilitating Certain B2B Payments
By Ajoy K Das | 19/02/2024
Card networks should not enable businesses to use fintech players as intermediaries to make card payments to non-card accepting recipients.
KYC & CDD
RBI Defers Effective Date of Paytm Payments Bank Restrictions
By Editors | 18/02/2024
The deferral is to allow customers more time to make alternative arrangements. RBI also released FAQs to clarify the impacts of the restrictions.
Anti-Money Laundering
US Court Charges Digitex CEO with BSA Violations
By Mark Johnston | 16/02/2024
Founder and CEO of Digitex Futures Exchange has been indicted for failing to establish and implement an AML program as required by the Bank Secrecy Act.
Anti-Money Laundering
FinCEN to Extend AML/CFT Requirements to Investment Advisers
By Editors | 14/02/2024
Investment advisers would have to implement risk-based AML/CFT programmes and report suspicious activity to FinCEN.
Anti-Money Laundering
GCFFC Europe Chapter Sets Financial Crime Priorities for 2024
By Mark Johnston | 13/02/2024
The priorities include economic security, beneficial ownership, professional money launderers and public-private partnerships.
Fraud, Scams & Cybercrime
India: Industry Body to Publish Whitelist of Digital Lenders
By Ajoy K Das | 09/02/2024
The Digital Lenders’ Association of India said borrowers will be able to use the list to protect themselves against scammers and fake apps.
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