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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    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.

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    Fraud, Scams & Cybercrime

    NZBA Issues Update on Anti-Scam Initiatives

    By Editors | 21/12/2023

    The first phase of the new national Anti-Scam Centre is “now live”, focusing on sharing information on money mules.

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    Anti-Money Laundering

    MAS Boosts Due Diligence Checks for SFO Tax Incentive Applicants

    By Ranamita Chakraborty | 20/12/2023

    To combat money laundering risks, MAS plans to deploy a panel of “specialised firms” to scrutinise individuals and entities associated with SFOs.

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    Anti-Money Laundering

    Japan FSA Issues AML/CFT Guidelines for CPAs, Auditors

    By Mark Johnston | 19/12/2023

    The guidelines require CPAs to verify client identities, keep 7 years of transaction records, provide AML/CFT training to staff, and report suspicious transactions.

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    KYC & CDD

    SEBI Simplifies Rules for Obtaining ‘Accredited Investor’ Status

    By Ajoy K Das | 19/12/2023

    Certain documentary requirements are removed, certification will be granted based solely on KYC and financial information, and the validity period is lengthened.

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    Anti-Money Laundering

    India, US Pledge to Cooperate on Global Illicit Finance Risks

    By Editors | 17/12/2023

    Key topics of the joint India-US AML/CFT Dialogue were virtual assets, sanctions implementation, and beneficial ownership transparency.

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    PEPs & Sanctions

    Crypto Exchange Pays OFAC USD 1.2 Million to Settle Crimea Violations

    By Editors | 14/12/2023

    US-based CoinList Markets processed 989 transactions on behalf of users in the Crimea region in violation of OFAC sanctions regulations.

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    Alternative Markets

    CSRC Proposes Tougher Rules for Private Investment Funds

    By Editors | 12/12/2023

    Qualified investors in PE and VC funds would have to invest at least CNY 3 million, three times the current threshold.

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    Anti-Money Laundering

    Singapore Single-Family Offices Scrutinised for Money Laundering Risks

    By Ranamita Chakraborty | 12/12/2023

    Legal experts advising SFOs view proposed regulatory measures as incremental steps toward AML compliance amid the financial hub’s biggest money laundering scandal.

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    Anti-Money Laundering

    Singapore: Resorts World Sentosa Fined for AML Failures

    By Editors | 11/12/2023

    Resorts World Sentosa did not perform customer due diligence checks and identity verification when receiving cash from third party depositors.

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