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AML / KYC
FATF Postpones Mutual Evaluations, Follow-up Deadlines
By Editors | 29/04/2020
All mutual evaluations and follow-up deadlines are postponed, and FATF will review grey-list jurisdictions in October rather than June as previously scheduled.
AML / KYC
PBOC Penalties for AML Violations Spike in Q1 2020
By Editors | 29/04/2020
The increase in penalties is in part the result of a new calculation method in use at the PBOC, where penalties can now accumulate when multiple breaches occur at once.
AML / KYC
Digital Identification in a Post-COVID World
By Editors | 28/04/2020
Social distancing has put KYC into sharp focus, with regulators reiterating their support for digital onboarding to ensure financial transactions are possible.
AML / KYC
US Agencies Issue Alert on North Korea Cyber Threat
By Manesh Samtani | 22/04/2020
The advisory highlights the powers US agencies have to subpoena foreign FIs that maintain a correspondent bank account in the US to gain access to customer records stored overseas.
AML / KYC
India Moves to Prevent ‘Opportunistic Takeovers’ by Chinese Investors
By Editors | 19/04/2020
India has introduced a pre-approval requirement for all foreign investment from seven countries including China to curb “opportunistic takeovers or acquisitions” of Indian companies.
AML / KYC
S. Korea AML/CFT Framework Significantly Strengthened: FATF
By Editors | 19/04/2020
Korea demonstrates effective cooperation among local authorities, the private sector and foreign counterparts; and effective use and development of financial intelligence.
Market Infrastructure
Myanmar Awards Licences to Seven More Foreign Banks
By Editors | 13/04/2020
The preliminary licences were awarded to three Korean banks, two Taiwanese banks, one Hong Kong bank and one Thai bank.
AML / KYC
FATF Grants Pakistan More Time to Address AML/CFT Deficiencies
By Editors | 12/04/2020
Pakistan will now have to submit its progress report in August instead of April, and the FATF review scheduled for June will instead take place in October.
AML / KYC
HKMA Encourages Remote Onboarding to Manage Covid-19 Challenges
By Editors | 07/04/2020
AIs and SVF licensees are encouraged to continue the provide the public convenient account opening and access to banking and payment services.
AML / KYC
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.
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