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

    Binance’s CZ Zhao Now Required to Remain in US Until Sentencing

    By Editors | 11/12/2023

    Initially, a magistrate judge appeared to be allowing Zhao to leave the US until his sentencing hearing in February. A district court judge has reversed this ruling.

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    CBDCs

    Solomon Islands Central Bank Starts Testing CBDC

    By Editors | 08/12/2023

    The central bank is testing the CBDC for retail transactions, P2P transfers, interbank transactions, and cross-border payments.

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    Anti-Money Laundering

    MAS Consults on Scope of Customers Relevant to COSMIC

    By Manesh Samtani | 07/12/2023

    Any person who requests the bank in Singapore to carry out a transaction would be in scope, whether or not an account has been opened or the transaction is carried out.

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    KYC & CDD

    SFC Fines Ruifeng Securities for Fund Management Failures

    By Sanday Chongo Kabange | 05/12/2023

    The penalty was imposed for failures related to fund management activities and account opening procedures.

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    Data Privacy

    Legislation Introduced to Expand Australia’s Digital ID System

    By Sanday Chongo Kabange | 01/12/2023

    The bill introduces a voluntary accreditation scheme for Digital ID service providers, and will allow myGovID to be used in the private sector.

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    Fraud, Scams & Cybercrime

    Australian Banks Launch “New Offensive” Against Scams

    By Manesh Samtani | 24/11/2023

    Priority initiatives to make banking safer include a new confirmation of payee system and expanded intelligence sharing.

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    Anti-Money Laundering

    Binance Founder Allowed to Return to UAE Until Sentencing

    By Mark Johnston | 24/11/2023

    The DOJ has appealed the decision to allow Changpeng Zhao to leave the US until sentencing on 23 February 2024.

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    Anti-Money Laundering

    FATF, OECD Spotlight Vulnerabilities of Investment Migration Programmes

    By Manesh Samtani | 23/11/2023

    The report proposes mitigation measures to address the risks and vulnerabilities associated with investment migration programmes.

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    Fraud, Scams & Cybercrime

    Malaysia SC to Launch New Anti-Scam Search Portal by Year-End

    By Editors | 20/11/2023

    By mid 2024, BNM and PayNet will also have finished building the new National Fraud Portal, a “smart system” for tracing fund movements and identifying money mules.

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    Payments & Settlements

    BIS Innovation Hub Unveils First Use Case for Project Mandala

    By Editors | 20/11/2023

    Project Mandala seeks to address disparate policy and regulatory frameworks across jurisdictions that hinder cross-border payments.

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