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AML / KYC
China Issues Draft Rules on Beneficial Ownership Identification
By Editors | 03/04/2021
FIs will be required to verify the identities of all ultimate beneficial owners of accounts opened and maintained for all customers.
AML / KYC
MAS Offers New AML/CFT Guidance for VASPs
By Editors | 28/03/2021
MAS has identified several VASPs that have not come forward for licensing despite operating in Singapore or soliciting business from Singapore residents.
AML / KYC
Korea’s New AML Law for VASPs Set to Take Effect
By Sanday Chongo Kabange | 22/03/2021
From 25 March, VASPs will have six months to register with KoFIU, and must start report suspicious transactions. The travel rule will apply one year later.
AML / KYC
FATF Seeks Stakeholder Views on Updated VASP Guidance
By Editors | 21/03/2021
Views are sought from academics, policy bodies, VASPs, technology developers and providers, other regulated entities such as banks, and authorities.
AML / KYC
Stress Testing Your Sanctions Screening Effectiveness
By Manesh Samtani | 18/03/2021
Independent testing can serve as a functional, scientific and transparent approach to bolster the effectiveness and efficiency of sanctions screening systems.
AML / KYC
FATF to Study Unintended Consequences of the FATF Standards
By Editors | 18/03/2021
The project will study issues such as de-risking, financial exclusion, the suppression of the NPO sector and threats to fundamental human rights.
AML / KYC
FATF, Egmont Group Identify 35 Indicators of TBML Risk
By Manesh Samtani | 14/03/2021
The indicators are grouped into four categories: the structure of the business, trade activity, trade documents and commodities, and account and transaction activity.
AML / KYC
FSC Korea Proposes New Penalty Standards for VASPs
By Editors | 11/03/2021
FIs and VASPs can be penalised for failing to report and maintain records of suspicious transactions, and failures to properly manage customers’ transactions records.
AML / KYC
FATF Publishes Guidance on Risk-based AML/CFT Supervision
By Editors | 08/03/2021
The guidance includes practical advice to address common challenges in risk-based supervision, including examples of strategies for supervising DNFBPs and VASPs.
AML / KYC
FATF Releases Draft Guidance on Proliferation Financing Risk
By Manesh Samtani | 02/03/2021
The FATF is seeking feedback on the guidance from financial institutions and DNFBPs and will revise the text ahead of June 2021 discussions.
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