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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    Anti-Money Laundering

    Cryptos Popular Among Money Launderers in SE Asia: UN Report

    By Nithya Subramanian | 18/01/2024

    Tether has emerged as a preferred choice for regional cyberfraud operations due to its stability and the ease, anonymity, and low fees of its transactions.

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    Anti-Money Laundering

    SEBI Modifies Rules for Foreign Investments in AIFs

    By Ajoy K Das | 15/01/2024

    SEBI updates threshold for determining beneficial ownership, extends mandatory custodian and dematerialisation requirements to reduce money laundering risks.

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    Anti-Money Laundering

    Crypto Firms Lead Surge in AML Fines: Report

    By Mark Johnston | 15/01/2024

    Fenergo’s annual report reveals a 57 per cent surge in penalties for non-compliance with financial regulations in 2023.

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    KYC & CDD

    Wolfsberg Group Updates Guidance on Swift RMA Due Diligence

    By Mark Johnston | 12/01/2024

    The Wolfsberg Group has revised its guidance on Swift RMA due diligence, taking into account ISO 20022 migration.

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    Cryptocurrency

    HK Spot Crypto ETFs to Drive Collaboration with TradFI Firms

    By Nithya Subramanian | 09/01/2024

    With regulatory safeguards in place, the success of crypto ETFs hinges on institutional interest tied to market conditions, including crypto valuations.

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    Anti-Money Laundering

    Vietnam: SBV Directs Banks to Strengthen AML Controls

    By Sanday Chongo Kabange | 08/01/2024

    The directions come after Vietnam implemented a new AML law in 2022 and “Decree 19” in April 2023 to support implementation.

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    KYC & CDD

    Taiwan Reports Progress on Industry Use of Digital Identity Solutions

    By Mark Johnston | 07/01/2024

    The FSC said the financial industry is gradually introducing digital identity verification solutions following the issuance of new guidelines in October.

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    PEPs & Sanctions

    RBI Clarifies PEPs Definition in KYC Master Direction

    By Ajoy K Das | 06/01/2024

    The updated definition clarifies that PEPs include a person who “is entrusted by a foreign country with a public function”.

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    KYC & CDD

    China: Regulator Calls on Banks to Improve FX Business Processes

    By Editors | 04/01/2024

    Banks should adopt “differentiated” review measures in their FX exchange business and deal with customers according to the level of risk they present.

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    KYC & CDD

    FinCEN Launches Beneficial Ownership Information Registry

    By Nithya Subramanian | 03/01/2024

    Existing companies have one year to lodge their beneficial ownership information while new companies have 90 days from registration.

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