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Financial Crime
KYC & CDD
Taiwan Reports Progress on Industry Use of Digital Identity Solutions
By Mark Johnston | 07/01/2024
The FSC said the financial industry is gradually introducing digital identity verification solutions following the issuance of new guidelines in October.
Trading & Investment
SEBI Tightens Rules for Disclosing Short Selling Trades
By Ajoy K Das | 07/01/2024
Institutional investors must disclose short selling transactions upfront. Individual investors must disclose the same at the end of each trading day.
PEPs & Sanctions
RBI Clarifies PEPs Definition in KYC Master Direction
By Ajoy K Das | 06/01/2024
The updated definition clarifies that PEPs include a person who “is entrusted by a foreign country with a public function”.
Cryptocurrency
Korea to Diversify Funding Sources for Credit Finance Firms
By Mark Johnston | 05/01/2024
The legislative amendment applicable to credit finance firms will ban the use of credit cards to make payments on overseas crypto platforms.
AI Risk & Governance
Korea to Launch AI-based Advertising Surveillance System
By Manesh Samtani | 05/01/2024
The new system will use an AI to automatically identify illegal financial advertisements and automate requests to block them.
Fraud, Scams & Cybercrime
Taiwan’s Shin Kong Bank Fined Over Misappropriated Client Funds
By Editors | 04/01/2024
The FSC said the bank failed to establish internal controls and prevent the misappropriation of client funds by a former wealth manager.
KYC & CDD
China: Regulator Calls on Banks to Improve FX Business Processes
By Editors | 04/01/2024
Banks should adopt “differentiated” review measures in their FX exchange business and deal with customers according to the level of risk they present.
Fraud, Scams & Cybercrime
Korea Issues Standards for Evaluating Accounting Management Systems
By Editors | 04/01/2024
The FSS issued evaluation and reporting standards and new guidelines for listed companies’ internal accounting management systems.
PEPs & Sanctions
EU Sanctions World’s Largest Diamond Producer
By Editors | 04/01/2024
The move is in line with the ban on Russian diamonds introduced as part of the EU’s 12th package of sanctions last month.
KYC & CDD
FinCEN Launches Beneficial Ownership Information Registry
By Nithya Subramanian | 03/01/2024
Existing companies have one year to lodge their beneficial ownership information while new companies have 90 days from registration.
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