Financial Crime

Anti-Money Laundering

Philippines, Indonesia to Cooperate on AML/CFT

By Editors | 06/08/2018

The governors of BSP and BI signed an MoU to cooperate on AML and CFT for payment and settlement systems, focusing on policy dialogue, information exchange and capacity building.

Anti-Money Laundering

Financial Institutions on Frontline Against Human Trafficking – FATF

By Manesh Samtani | 06/08/2018

Countries must assess risk of human trafficking and laundering of its proceeds, and share this information with stakeholders; partnerships with private sector – financial institutions in particular – are key.

KYC & CDD

RBI Probes KYC/AML Compliance at Payments Banks

By Editors | 06/08/2018

Paytm and Fino Payments Bank have been barred from accepting new clients due to the RBI’s concerns about their adherence to KYC/AML norms.

Payments & Settlements

China’s Opening Up to Foreign Third Party Online Payment Firms

By Peter Guy | 06/08/2018

Stricter regulations are intended to limit abuses, improve government oversight and allow the entry of foreign enterprises for the first time. But, a more comprehensive framework is needed to manage systemic risk posed by the sector’s rise.

Anti-Money Laundering

S. Korea Announces Revised Tax Bill

By Editors | 06/08/2018

Bill expands crackdown on tax evasion, ends derivatives tax exemptions, disqualifies crypto exchanges as SMEs for tax reductions.

Credit Risk

Indian Banks Gear Up for RBI’s Second Asset Quality Review

By Garima Chitkara | 02/08/2018

RBI has reportedly sought details of specific stressed asset accounts to ensure recognition and provisions are in line with regulatory norms; S&P Global says current cycle of bad loans is likely to reverse within next financial year.

Cybersecurity

Thailand Banks Hit by Cyber Attack Resulting in Data Leak

By Garima Chitkara | 02/08/2018

Hackers have stolen non-financial data of over 120,000 customers from Kasikornbank and Krungthai Bank in the first such data leak in the Thai banking sector.

KYC & CDD

PBOC Penalises Shanghai-based Payment Firms

By Manesh Samtani | 02/08/2018

Kayou Payment Services and Free Me Pay were ordered to exit merchant acquisition business and to pay penalties totaling $5mn for violating payment and settlement rules.

Credit Risk

S. Korea FSS Gets Tough on High Interest Lending at Savings Banks

By Manesh Samtani | 02/08/2018

Over 850,000 borrowers are paying over 25% interest on loans at savings banks; FSS vows to protect consumers by boosting monitoring and inspection efforts and by publicly naming lenders charging excessively.