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Anti-Money Laundering
PBOC Finalises CDD Rules, Launches Nationwide AML Campaign
By Manesh Samtani | 27/01/2022
New rules effective from 1 March impose stricter requirements on beneficial owner identification and verification, including for non-bank financial firms.
Fraud, Scams & Cybercrime
Faster Transactions Impeding Scam Loss Recoveries: HK Police
By Sanday Chongo Kabange | 27/01/2022
Online banking, electronic payment services and cryptocurrency wallets have made it more difficult to recover scam proceeds.
Emerging Prudential Risks
BIS Paper Offers Guidance on Regulating Tech Firms
By Sanday Chongo Kabange | 26/01/2022
The paper offers guidance for prudential authorities in deciding whether to allow tech firms to enter into banking, and what requirements to impose on them.
Fraud, Scams & Cybercrime
COSMIC Will Yield Significant and Far Reaching Benefits
By Jamil Ahmed | 26/01/2022
Singapore is taking a leap forward in how its financial services industry detects and combats financial crime, says Jamil Ahmed.
Anti-Money Laundering
‘Focus on Fundamentals’ Could be Financial Crime Achilles Heel
By Bradley Maclean | 26/01/2022
New research suggests more meaningful financial crime prevention may be achieved with targeted investments in higher risk areas.
Cryptocurrency
Russian Central Bank Proposes to Impose Crypto Ban
By Mark Johnston | 25/01/2022
A proposed ban against investing in cryptocurrencies would also apply to institutional investors and mutual funds, the central bank says.
Anti-Money Laundering
FinCEN to Allow FIs to Share SARs with Foreign Affiliates
By Editors | 25/01/2022
A limited-duration pilot programme would permit FIs to share SARs and information related to SARs with foreign branches, subsidiaries, and affiliates.
Fraud, Scams & Cybercrime
Taiwan FSC Asks Banks to Review Mortgage Practices
By Sanday Chongo Kabange | 24/01/2022
The FSC has discovered a scheme to induce investors to apply for mortgages from banks and use the proceeds to speculate in the real estate market.
KYC & CDD
Taiwan FSC to Explore Digital Identity Via Thematic Sandbox
By Editors | 24/01/2022
‘Digital Identity Authentication and Authorisation’ was selected as the theme for the sandbox, to promote more convenient and secure access to financial services.
Conduct, Culture & Accountability
BSP Calls for Passage of New Financial Consumer Protection Act
By Mark Johnston | 24/01/2022
The Act establishes stronger protection standards for consumers, promotes transparent and responsible pricing, and give regulators more teeth.
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