All posts tagged "Customer due diligence"
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2.0KAML / KYCFinancial Quarantine: Understanding FATF’s Call for Action on Iran
Nick Turner at Steptoe & Johnson explains the implications of the FATF's recent decision to return Iran to its so-called ‘blacklist’.
March 2, 2020 -
799AML / KYCHKMA Asks Banks, SVFs to Assess AML/CFT Risks of VASP Dealings
Authorised institutions and SVF licensees should conduct appropriate risk assessments to differentiate the risks of the individual virtual asset service providers they deal with, the HKMA says.
December 17, 2019 -
1.9KAML / KYCFATF Issues Draft Guidance on Digital Identity Systems
The draft guidance analyses the use, reliability and independence of digital ID systems, and looks at how they can meet FATF requirements around customer due diligence.
November 1, 2019 -
750EnforcementSFC 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 -
1.3KAsia-PacificPhilippine 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 -
818AML / KYCFMA 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 -
3.1KAML / KYCAML 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 -
686AML / KYCSFC 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 -
710AML / KYCAccount 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 -
619AML / KYCS. 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
