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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
India Tightens Beneficial Interest Disclosure Rules for LLPs
By Ajoy K Das | 01/11/2023
The disclosures will ensure transparency of the identity of the ultimate person behind the LLPs including related party transactions.
Anti-Money Laundering
FATF Consults on Amendments to Recommendation 25 Guidance
By Editors | 01/11/2023
The guidance will support implementation of the revised Recommendation 25, to help address risks from trusts or similar legal arrangements.
Anti-Money Laundering
FATF Adds Bulgaria to Grey List, Removes Four Others
By Manesh Samtani | 30/10/2023
The FATF also agreed to revise its asset recovery and NPO-related recommendations, besides publishing three new reports.
Anti-Money Laundering
UK Ushers in New Laws to Fight Fraud and Financial Crime
By Sanday Chongo Kabange | 27/10/2023
The Economic Crime and Corporate Transparency Act received royal assent. The law enables crypto seizures and introduces a ‘failure to prevent fraud’ offence.
KYC & CDD
Taiwan FSC Issues New Digital Identity Verification Guidelines
By Editors | 27/10/2023
The guidelines will make it easier for financial institutions to implement new identity verification mechanisms and scenarios.
Anti-Money Laundering
BAFT Updates Guidelines on Correspondent Banking Relationships
By Editors | 27/10/2023
The guidelines include new sections on ISO 20022 migration and special considerations for money services businesses and fintechs.
KYC & CDD
Australian Fintech Consortium Launches Solution to Tackle Verification and Identity Theft
By Mark Johnston | 25/10/2023
AP+ launches ConnectID, a service that lets customers verify their identity without oversharing their data, becoming the first non-government accredited […]
Anti-Money Laundering
FATF Removes Switzerland from Enhanced Follow-Up
By Manesh Samtani | 24/10/2023
The FATF upgraded Switzerland’s ratings on two recommendations in response to law reforms that took effect at the beginning of 2023.
Anti-Money Laundering
KoFIU Calls on Financial Industry to Bolster AML Efforts
By Manesh Samtani | 20/10/2023
AML evaluations identified independent audit, customer verification, and manpower shortages as areas for improvement. More attention is also needed on virtual assets.
KYC & CDD
RBI Revises KYC Guidelines to Reflect Recent AML Law Changes
By Sanday Chongo Kabange | 18/10/2023
The amendments cover beneficial owner identification, customer due diligence, information-sharing policies, and other areas.
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