Financial Crime

KYC & CDD

PBOC Directs Banks to Offer ‘Simple’ Account Opening

By Editors | 03/10/2021

Banks are asked to relax documentary requirements and provide simple personal account opening services, making use of external data to verify customer identities.

Anti-Money Laundering

MAS to Deploy Information Sharing Platform for AML/CFT

By Manesh Samtani | 03/10/2021

The COSMIC platform will be developed and deployed in phases. The initial participants are DBS, OCBC, UOB, StanChart, Citibank and HSBC.

KYC & CDD

BSP Updates e-KYC Guidelines for Financial Institutions

By Ranamita Chakraborty | 03/10/2021

The guidelines include national digital ID system PhilSys as an accepted method for verifying customer identities, subject to proper authentication.

Anti-Money Laundering

AFP Wins First Asset Confiscation Case Under Operation Ironside

By Editors | 01/10/2021

A$6mn in cash obtained as a result of the forfeiture order will be redistributed to support crime prevention, law enforcement and related community initiatives.

Emerging Prudential Risks

FSB Launches New Financial Stability Surveillance Framework

By Editors | 30/09/2021

The new framework will further enhance the FSB’s ability to identify and address financial system vulnerabilities in a proactive manner.

Anti-Money Laundering

NZ FMA Toughens Approach to AML Non-Compliance

By Manesh Samtani | 30/09/2021

The FMA’s James Greig noted a lower tolerance for AML/CFT non-compliance, given the regime has been in place for eight years.

Credit Risk

PBOC Directs Banks to Support Housing Market

By Editors | 30/09/2021

Banks are asked to refrain from cutting off funding to developers, continue supporting projects under construction, and approve mortgages for homebuyers.

Anti-Money Laundering

US DOJ Links Singapore, Hong Kong to Tax Evasion Case

By Editors | 30/09/2021

An unsealed indictment shows that six individuals and a Swiss firm used accounts in Singapore and Hong Kong to help US clients evade taxes from 2009 to 2014.

Conduct, Culture & Accountability

CSRC Issues Draft Rules Promoting ‘Honest’ Investment Banking

By Editors | 30/09/2021

The draft rules require investment banking intermediaries to strengthen risk control and strictly prohibit the use of below-market pricing to win business.