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KYC & CDD
RBI Grants Another Extension for e-Wallet KYC Compliance
By Editors | 03/09/2019
This is the fourth time the deadline has been extended. Wallet companies were first asked to complete KYC processes for each customer by December 2017.
Payments & Settlements
ACCC Calls for Lower Fees, More Competition in FX Services
By Editors | 03/09/2019
An ACCC inquiry found that consumers continue to rely on the big four banks for FX services despite the availability of much cheaper alternatives.
Supervision & Enforcement
CBIRC Identifies Numerous Violations at Small and Mid-sized Banks
By Editors | 03/09/2019
“In response … all relevant regulatory agencies should take targeted prudential supervision measures … and carry out administrative punishment according to law,” the CBIRC said.
Fraud, Scams & Cybercrime
Singapore Police, Banks Collaborate to Thwart Scammers
By Editors | 03/09/2019
Since the Anti-Scam Centre was set up in June, DBS, OCBC and UOB have frozen 815 bank accounts and recovered S$840,000 in scam-related losses.
KYC & CDD
Philippines Launches Pilot Test of New National ID System
By Editors | 02/09/2019
The pilot test phase will initially focus on government and welfare services, but will later be expanded to include financial services.
Fraud, Scams & Cybercrime
Indian Banks Taking Nearly Two Years to Detect Fraud: RBI
By Editors | 02/09/2019
The RBI said in its annual report that banks take an average of 22 months to detect fraud, and up to 55 months for frauds involving large amounts.
Emerging Prudential Risks
SFC Launches ‘Key Risk Indicator’ Reporting Platform
By Editors | 02/09/2019
Initially, licensed corporations of 22 global FIs will have to submit data relating to their operations, conduct issues and prudential risk exposures on a monthly, quarterly and yearly basis.
Fraud, Scams & Cybercrime
China Moves to Cut Off P2P Lenders’ Payment Channels
By Editors | 02/09/2019
Cutting off payment and settlement services will restrict the funds flowing in and out of P2P lenders, part of a regulatory crackdown on the sector.
Anti-Money Laundering
BNM to Enforce AML Compliance at Law Firms in 2020
By Editors | 30/08/2019
BNM assistant governor Encik Adnan Zaylani Mohamad Zahid warns that enforcement action will be taken against legal professionals for AML non-compliance starting in 2020.
Market Abuse
Tokyo Bourse Penalises Nomura for Information Leak
By Editors | 30/08/2019
The TSE says internal controls at Nomura Securities were insufficient, and measures it took after a similar incident in 2012 did not seem to have improved compliance.
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