AML / KYC

AML / KYC

UIDAI, NPCI Testing Face Authentication with Banks

By Editors | 08/10/2020

NPCI has commenced phase one tests of using facial authentication in non-financial transactions with ICICI Bank, Yes Bank, RBL Bank and Fino Payments Bank.

AML / KYC

Fed Orders Citigroup to Correct “Longstanding Deficiencies”

By Editors | 08/10/2020

The Fed has ordered Citigroup to remediated enterprise-wide risk management and controls deficiencies. The OCC has penalised Citibank $400mn for the same deficiencies.

AML / KYC

RegTech Asia 2020: Enhancing Transaction Monitoring

By Editors | 07/10/2020

How is the financial industry using AI/machine learning and data analytics to enhance typically rule-based transaction monitoring systems?

AML / KYC

RegTech Asia 2020: Digital Identity, Benefits & Challenges

By Editors | 05/10/2020

How can digital identity enable real-time risk management, what are its other use cases, and what are the challenges to adoption?

Fintech / Regtech

RegTech Asia 2020: Digital KYC, Onboarding & Authentication

By Editors | 04/10/2020

Digital transformation has accelerated in financial services amid the pandemic. But it has not come without risks.

AML / KYC

Ransomware Payments May Breach OFAC Regulations

By Sanday Chongo Kabange | 03/10/2020

OFAC makes clear in a new advisory that it may impose civil penalties if ransomware payments are made to sanctioned individuals or entities.

AML / KYC

BitMEX Founders Charged for Evading AML Requirements

By Editors | 03/10/2020

Four individuals were charged for “willfully” failing to establish, implement, and maintain an adequate AML programme that included a KYC component.

AML / KYC

Australia to Allocate A$800m to Digital Initiatives in Budget

By Editors | 02/10/2020

The plan includes the development of a digital identity system, modernisation of business registers, rollout support for the CDR, and regtech/fintech initiatives.

AML / KYC

FATF Upgrades China on Three Recommendations in Follow-up

By Manesh Samtani | 01/10/2020

This is to reflect progress on regulating online lending, guidance issued to online lending and other DNFBP sectors, and China’s prohibition on virtual asset activities.