Financial Crime

KYC & CDD

RBI Extends KYC Compliance Deadline for e-Wallet Firms

By Editors | 27/02/2019

Following months of intense lobbying by e-wallet providers, the RBI has extended the deadline for completion of KYC processes by six months.

Anti-Money Laundering

FATF Consults on Risk-Based Approach for Professional Services

By Editors | 27/02/2019

The FATF is consulting on draft guidance on the application of a risk-based approach to AML/CFT in the legal, accountancy, and trust and company service providers sectors.

Structural Regulation

Philippine President to Select New BSP Chief

By Editors | 26/02/2019

Seen as a champion for banking reform and financial inclusion, BSP governor Nestor Espenilla passed away on Saturday after just 18 months on the job.

Anti-Money Laundering

FATF Commends China, Sri Lanka; Watchlists Cambodia

By Manesh Samtani | 26/02/2019

The Financial Action Task Force has marked the end of its fourth round of mutual evaluations with an announcement of its latest plenary session last week.

Anti-Money Laundering

AUSTRAC Trials Reporting Automation through Smart Contracts

By Editors | 26/02/2019

The proof of concept project commenced in December 2018 and aims to help reporting entities automate the reporting of international funds transfers to AUSTRAC.

Cybersecurity

Malaysia to Introduce Technology Risk Policy in June – Report

By Editors | 25/02/2019

BNM plans to introduce its policy on technology risk management in June, providing guidelines for financial institutions to combat the rising incidence of cybercrime.

Anti-Money Laundering

China Strengthens AML/CFT Regime with New Guidance

By Editors | 22/02/2019

CBIRC has released guidance to help financial institutions improve AML/CFT controls, on the heels of recent news that PBOC is scrapping its approval process for corporate accounts.

Market Abuse

SFC Issues Update on ‘Front Loaded’ Approach to Listing Rules

By Editors | 22/02/2019

The SFC “will not hesitate to intervene at an early stage” when it has serious concerns about IPO applications or post-IPO corporate transactions.

Supervision & Enforcement

ASIC Finalises HSBC’s 2016 Enforceable Undertaking

By Editors | 21/02/2019

Under HSBC Australia’s remediation programme, the bank offered about A$690,000 in compensation to 104 clients who may have received inappropriate advice.