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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    Fraud, Scams & Cybercrime

    Consumers Still First Line of Defence Against Fraud

    By Karen Ng | 07/06/2023

    Fraudulent websites are causing chaos. Banks and regulators have taken on a parenting role to stop consumers from falling prey to scammers.

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    KYC & CDD

    RBI Panel Offers Recommendations on Improving Bank Services

    By Editors | 05/06/2023

    The committee issued recommendations to foster a more customer-centric approach in the financial services industry.

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    KYC & CDD

    FIs Must ‘Strictly’ Perform CDD on DNFBP Clients, BSP Says

    By Sanday Chongo Kabange | 04/06/2023

    CDD includes identifying and verifying the true identities and beneficial owners of DNFBP clients such as lawyers, accountants and real estate developers.

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    Anti-Money Laundering

    NZ’s Ministry of Justice Releases Amended AML Regulations

    By Editors | 01/06/2023

    From 1 June 2024, new obligations will be imposed on reporting entities related to virtual asset transfers, deposits, withdrawals, and exchange.

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    Anti-Money Laundering

    SkyCity Adelaide Ordered to Review AML/CTF Programme

    By Editors | 30/05/2023

    SkyCity Adelaide ordered to report on how it is meeting its AML/CTF obligations, and appoint an independent monitor.

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    Anti-Bribery & Corruption

    Australia Considers Expansion of Modern Slavery Law

    By Manesh Samtani | 29/05/2023

    The expansion would include penalties for failing to report, submitting a report with false information, or failing to implement a due diligence system.

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    KYC & CDD

    VerifyVASP Becomes First LEI Validation Agent in Crypto Space

    By Manesh Samtani | 26/05/2023

    VerifyVASP will be able to help VASP clients obtain an LEI, which can be used in counterparty due diligence and travel rule compliance.

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    Fraud, Scams & Cybercrime

    PITCH! REGTECH: Drawing the Line Between RegTech and Frustrated Customers 

    By Karen Ng | 25/05/2023

    As they embark on the RegTech race, banks cannot ignore frustrated customers.

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    KYC & CDD

    Adani Shares Recover as SEBI Struggles to Trace Overseas Investors

    By Mark Johnston | 24/05/2023

    A court-appointed panel says SEBI has been unable to trace the ultimate owners of 13 overseas entities that invested in Adani Group.

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    Anti-Money Laundering

    Japan to Enforce Travel Rule for Crypto from 1 June

    By Ranamita Chakraborty | 24/05/2023

    The FSA had already issued rules for travel rule implementation, but a definitive date for enforcement had not been set until now.

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