KYC & CDD

Anti-Money Laundering

UK Proposes Measures to Improve Transparency of Land Trusts

By Mark Johnston | 28/12/2023

The UK government seeks feedback on options for improving transparency of land ownership involving trusts.

Anti-Bribery & Corruption

Korea to Boost Transparency of Crypto Holdings by Officials

By Editors | 28/12/2023

Members of the public will soon be able to access information on public officials’ crypto holdings via an electronic system.

Structural Regulation

RBI Proposes to Introduce New Category of Money Changers

By Ajoy K Das | 28/12/2023

The RBI proposes to allow businesses to deal in foreign exchange through an agency model by becoming forex correspondents of authorised dealer banks.

KYC & CDD

“No Threshold” Approach Way Forward for Beneficial Ownership Frameworks

By Ranamita Chakraborty | 27/12/2023

Experts recommend proper legal frameworks, comprehensive verification processes, and international cooperation, to improve the effectiveness of beneficial ownership systems.

AI Risk & Governance

OECD Calls for Financial Regulators to Guide GenAI Deployment

By Ranamita Chakraborty | 26/12/2023

Financial regulatory frameworks safeguard market integrity and ensure consumer protection against risks associated with GenAI’s adoption, noted an OECD paper.

PEPs & Sanctions

Insurer Settles with OFAC after Issuing Policies to Sanctioned Russian’s Company

By Editors | 23/12/2023

US-based Privilege Underwriters Reciprocal Exchange agreed to pay USD 466,000 over policy written for Panamanian company owned by sanctioned oligarch Viktor Vekselberg.

Fraud, Scams & Cybercrime

Hong Kong MPFA Calls for Action to Guard Against Fraud

By Sanday Chongo Kabange | 23/12/2023

The MPFA issued two circulars offering guidance to MPF intermediaries and MPF trustees on guarding against fraudlent activities.

KYC & CDD

FinCEN Issues Final Rule on Access to Beneficial Ownership Information

By Manesh Samtani | 22/12/2023

The final rule prescribes the circumstances under which BOI may be disclosed, including to FIs and foreign governments, and how it must be protected.

KYC & CDD

Malaysia Mulls Legal Action Against Foreign Banks Over 1MDB

By Mark Johnston | 22/12/2023

At least eight foreign banks neglected KYC verification procedures, resulting in misdirection of 1MDB funds into unintended accounts.