All posts tagged "customer identification"
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603AML / KYCNAB Enters Undertaking to Uplift AML/CTF Compliance
NAB's action plan has to be completed by 31 Dec 2024, and a final report issued by Mar 2025. An independent auditor will have to report progress to AUSTRAC annually.
May 4, 2022 -
921Asia-PacificVietnam Rushes to Finalise Regulatory Framework for Fintech Activities
The SBV has warned of fraud incidents involving e-wallets and asks banks to monitor the use of data by fintechs until the new regulatory framework is in place.
April 17, 2022 -
508AML / KYCAUSTRAC Proposes Amendments to AML/CTF Rules
A new consultation paper proposes to exempt FIs that are already enrolled with AUSTRAC from registration on the DCE Register when offering digital currency exchange services.
March 16, 2022 -
745AML / KYCPBOC Fines MYbank for AML and Other Violations
MYbank failed to perform customer identification obligations, preserve identity information and transaction records, and report suspicious transactions.
February 10, 2022 -
701ESG / SustainabilityBIS Innovation Hub to Expand Work Programme in 2022
The BIS Innovation Hub will launch new projects into CBDCs, payments systems, DeFi, green finance, regtech, suptech and cybersecurity.
January 26, 2022 -
433AML / KYCSFC Fines Mason Securities for AML Breaches
In deciding the disciplinary sanction, the SFC took into account the "extensive period of time" over which the failures occurred.
December 17, 2021 -
441AML / KYCKorea FSS Orders KakaoBank to Bolster AML Controls
The FSS said KakaoBank's weak monitoring has resulted in the lender's failure to flag suspicious overseas money transfers on several instances.
November 18, 2021 -
406AML / KYCInconsistent AML Approaches Cause Cross-border Payment Frictions
The FATF says inconsistent implementation of AML/CFT requirements increases cost, reduces speed, limits access and reduces transparency in cross-border payments.
October 23, 2021 -
270AML / KYCPBOC Directs Banks to Offer ‘Simple’ Account Opening
Banks are asked to relax documentary requirements and provide simple personal account opening services, making use of external data to verify customer identities.
October 4, 2021 -
546Asia-Pacific
Vietnam to Create Fintech Sandbox for Banking Sector
The central bank will coordinating with government departments and agencies to develop a decree to enable the sandbox.
September 21, 2021
