Customer due diligence - Regulation Asia

SFC Fines Sincere Securities for Internal Control Failings

The SFC and an independent reviewer identified deficiencies across 14 areas of Sincere Securities’ business operations and internal controls, resulting in a fine of HK$5mn.

August 16, 2019

830

Asia-Pacific

Philippine SEC Consults on Draft Rules for Digital Asset Exchanges

The rules specify capital requirements of PHP 100mn, plus 12 months of operating expenses, and allow digital asset exchanges in the Philippines to be set up by foreign-registered entities.

July 19, 2019

593

AML / KYC

FMA Monitoring Report Reveals Multiple AML/CFT Deficiencies

New Zealand’s Financial Markets Authority has released a report highlighting failures in reporting entities' AML/CFT programmes, risk assessments and customer due diligence.

April 2, 2019

2.3K

AML / KYC

AML Beyond Banking: The Increasing Scope of Global AML Regulation

Increased transparency in the banking sector has made other avenues for money laundering gain greater prominence, writes Claus Christensen at Know Your Customer Ltd.

February 20, 2019

473

AML / KYC

SFC Urges Licensed Firms To Strengthen AML/CFT Measures

Hong Kong firms need to step up AML/CFT compliance keeping in mind deficiencies and gaps found during the regulator’s thematic reviews and on-site exceptions.

September 3, 2018

509

AML / KYC

Account Opening Woes Causing Loss of Business in Hong Kong – HKICS

HK Institute of Chartered Secretaries survey found 68% of member believe Hong Kong has been losing out on businesses because of non-transparent and onerous bank account opening processes.

August 7, 2018

374

AML / KYC

S. Korea Tightens AML Rules for Cryptocurrencies

New guideline requires financial institutions to strengthen monitoring and enhance due diligence on accounts intended for crypto exchange operations and report suspicious transactions to KoFIU, including transfers to overseas exchanges.

June 28, 2018