Financial Crime

KYC & CDD

The Four e-KYC Models Around the World

By Claus Christensen | 05/04/2020

Claus Christensen at Know Your Customer Ltd identifies four e-KYC models in use across the world, but says that harmonisation and consolidation of these schemes is likely.

KYC & CDD

FATF Re-rates US as ‘Largely Compliant’ on CDD Measures

By Editors | 03/04/2020

The US is now compliant on 9 FATF Recommendations, largely compliant on 22, partially compliant on 5, and non-compliant on 4.

Anti-Money Laundering

Doing What is Right: Financial Inclusion Needs Better Incentives

By Isabella Chase | 02/04/2020

Tools to enable financial inclusion exist, but without positive incentives to put these into practice barriers will remain, says RUSI’s Isabella Chase.

Supervision & Enforcement

Global AML, Sanctions Fines Topped $8bn in 2019: Fenergo

By Editors | 02/04/2020

Last year was the second-biggest year on record for fines against financial institutions for AML and sanctions violations, according to a new report from Fenergo.

Fraud, Scams & Cybercrime

Hong Kong: SME Director Pleads Guilty to Defrauding 5 Banks

By Editors | 02/04/2020

DBS, HSBC, ICBC, Dah Sing Bank and Wing Hang Bank were defrauded of about HK$47.5mn in loans and banking facilities.

Operational Risk

APRA, RBA Announce Changes to Financial Firms’ Reporting Obligations

By Editors | 02/04/2020

The agencies are standardising quarterly reporting due dates, deferring two reporting initiatives, and introducing a new reporting standard for SME lending.

Capital Adequacy

Banks Scrap Dividends, Buybacks Amid Regulatory Pressure

By Manesh Samtani | 02/04/2020

HSBC and Standard Chartered are among the banks that have scrapped their 2019/2020 dividends and agreed not to buy back shares.

Anti-Money Laundering

FATF Encourages Technology Use to Address Covid-19 Challenges

By Editors | 01/04/2020

Criminals and terrorists may seek to exploit gaps and weaknesses in national AML/CFT systems, under the assumption that resources are focused elsewhere, the FATF says.

KYC & CDD

BSP Relaxes KYC Norms During Covid-19 Lockdown

By Editors | 01/04/2020

The move will facilitate the delivery of welfare funds to beneficiaries who have no available valid IDs or transactional account with any financial institution.