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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.
Trading & Investment
SEBI Approves Shorter IPO Timeline, New FPI Disclosures
By Editors | 29/06/2023
IPOs can list within three days instead of the current six days. FPIs will have to disclose additional information on ownership and control.
Anti-Money Laundering
AUSTRAC Issues New Guidance to Address Debanking
By Sanday Chongo Kabange | 28/06/2023
AUSTRAC discourages the “indiscriminate and widespread closure of accounts across entire industries”.
Anti-Money Laundering
Canada Progresses Bill to Create Beneficial Ownership Registry
By Mark Johnston | 26/06/2023
The bill will require federally registered companies to disclose beneficial owners with at least 25 percent ownership or control.
Anti-Money Laundering
UK Banks to Pilot AML Data Sharing from October – Report
By Editors | 26/06/2023
One pilot will allow banks to share data if they suspect financial crime. Another pilot will involve the launch of a database for suspected economic crime.
Anti-Money Laundering
FATF Plenary: Cameroon, Croatia and Vietnam Added to Grey List
By Manesh Samtani | 26/06/2023
The FATF will publish on 27 June its fourth update on the implementation of the recommendations on virtual assets and VASPs.
KYC & CDD
OCBC Launches Digital Account Opening Service for Foreign Consumers
By Editors | 23/06/2023
Customers who plan to relocate to Singapore from Malaysia, Indonesia, mainland China and Hong Kong can open OCBC bank accounts digitally.
Anti-Money Laundering
Senate Committee to Investigate Perth Mint’s AML Compliance
By Editors | 22/06/2023
The Senate voted to set up the inquiry into Perth Mint, without support from the federal Labor government.
Anti-Money Laundering
MAS Fines Three Banks and an Insurer for AML Breaches
By Karen Ng | 22/06/2023
The institutions had “inadequate AML/CFT controls in place” when they dealt with persons who were involved in Wirecard-related transactions.
Anti-Money Laundering
Indonesia OJK Issues New AML/CFT/CPF Regulations
By Sanday Chongo Kabange | 22/06/2023
OJK’s Mahendra Siregar said the new regulations are aligned with the FATF standards, and will help Indonesia become a FATF member.
Anti-Money Laundering
EBA Calls Out Ineffective AML Risk Management in Payments Sector
By Sanday Chongo Kabange | 21/06/2023
The EBA says money laundering and terrorist financing risks are “not managed effectively” at EU payment institutions.
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