All posts tagged "Due diligence"
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793AML / KYCJPMorgan Hong Kong Fined for Inadequate AML/CTF Controls
An HKMA investigation found that JPMorgan Hong Kong failed to establish and maintain effective controls for handling wire transfers, conducting CDD and monitoring business relationships.
December 30, 2018 -
719AML / KYCOvercoming the Challenges of Cross-Jurisdictional Customer Onboarding
A digital-first approach to customer onboarding can protect companies from internal delays, customer dissatisfaction, hefty regulatory fines and reputational risk, says Claus Christensen.
November 28, 2018 -
1.3KAML / KYCRevised HKMA Guidelines on AML/CFT to Take Effect from November
The Guidelines are set to take effect from 1 November for authorised institutions and stored value facilities. The HKMA has also published its policy and supervisory approach.
October 22, 2018 -
1.7KAML / KYCMAS Shelves ‘KYC Utility’ Project as Costs Surpass Expectations
The setup cost of the KYC utility exceeds the savings banks would be able to achieve, MAS managing director Ravi Menon told Bloomberg.
October 15, 2018 -
300ChinaChina Details Penalties for Bond Underwriting Kickbacks
The CSRC will ban or impose penalties on firms engaging that help companies with low creditworthiness issue debt in exchange for under-the-table payments.
September 21, 2018 -
438AML / KYCGlobal Regulation Continues to Increase KYC Complexity – Accuity
The KYC process has become increasingly complex, with rising costs, onerous processes and a skills shortage presenting challenges for compliance staff, says an Accuity report.
September 18, 2018 -
909AML / KYCWhat You Need to Know About the EU’s 5th AML Directive
The Fifth Money Laundering Directive (5MLD) will come into force on the 10 January 2020, with far-reaching impacts aimed at addressing weaknesses in the EU's AML/CFT regime that have come to light since the enactment of 4MLD in June 2017.
September 5, 2018 -
732AML / KYCHKMA Reprimands, Fines Shanghai Commercial Bank for AML/CFT Failures
The bank was fined HK$5mn for ineffective procedures for continuous monitoring of business relationships and due diligence on pre-existing customers.
August 20, 2018 -
346EnforcementSFC Fines HSBC Unit $1.2mn on Bond Solicitations
HSBC Broking Securities failed to conduct proper due diligence on bonds recommended to clients and to implement effective systems ensure suitability with client needs.
July 23, 2018 -
175EnforcementCitigroup unit Fined HK$4mn for Alternative Liquidity Pool Failures
SFC found that due to an incorrect system setting for client profiles, over 130 clients had accessed alternative liquidity pool Citi Match without being assessed whether they were qualified investors.
July 11, 2018
