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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.
Anti-Money Laundering
FATF Re-Rates Thailand on Two Recommendations
By Editors | 10/11/2023
Re-ratings were due to legal requirements for FIs and DNFBPs to conduct risk-based CDD and AMLO guidance on risk-based supervision.
Cloud & Infrastructure
eMPF –The Race to Optimise Operating Models
By Monik Harindran | 09/11/2023
Hong Kong’s eMPF project presents trustees with an opportunity to rethink operating models, says Monik Harindran.
KYC & CDD
FinCEN Finalises Rule on Use of FinCEN Identifiers in BOI Reporting
By Editors | 08/11/2023
Beneficial owners of numerous reporting companies would be able to use FinCEN identifiers to simplify the reporting process and for data security purposes.
Stablecoins
UK Regulators Set Out Roadmap for Regulating Stablecoins
By Manesh Samtani | 07/11/2023
The FCA and BOE published discussion papers outlining the UK’s proposed regulatory approach for regulating fiat-backed stablecoins.
Fraud, Scams & Cybercrime
Taiwan Financial Adviser Suspected of Colluding with Fraud Syndicates
By Editors | 07/11/2023
A former financial adviser of DBS Taiwan reportedly caused $1.5mn of losses to clients through collusion with criminal gangs and fraud groups.
PEPs & Sanctions
New OFAC Settlement Highlights Compliance for E-Commerce
By Editors | 07/11/2023
The US Treasury Department said a US-based online rewards company failed to identify transactions involving persons in Crimea, Cuba, Iran, and Syria.
Anti-Money Laundering
Singapore to Monitor Money Laundering Risks from Crypto Exchange Applicants
By Nithya Subramanian | 06/11/2023
The regulator will reject applicants who fail to meet the required standards for ML/TF and technology risks.
Anti-Money Laundering
Japanese Regional Banks Form Partnership on AML/CFT
By Editors | 05/11/2023
Three regional banks will use the same centralised service platform to perform AML/CFT operations.
Anti-Money Laundering
AUSTRAC Explains AML/CTF Considerations of Data Breaches
By Sanday Chongo Kabange | 05/11/2023
Regulated entities should review their risk assessments to ensure they reflect the increased ML/TF risks that could arise from a data breach.
Anti-Money Laundering
Why Vigilance is Crucial in Compliance
By Ranamita Chakraborty | 02/11/2023
WRISE group head of risk and compliance and former police officer Gaven Koh discusses the need for heightened vigilance amid Singapore’s biggest money laundering scandal
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