AML / KYC

    AML / KYC

    AML Now a Top Concern for Chinese Regulators, and a Worry for Banks

    By Yaqi Bao | 24/01/2018

    It is clearer than ever that Chinese regulators take AML as a major priority, but domestic banks can lack the expertise to meet ever-increasing requirements.

    AML / KYC

    Chinese Banks Told to Develop e-KYC, Facial Recognition

    By Samuel Riding | 22/01/2018

    PBOC notice says e-KYC can help better serve real economy; SME account applications should be audited within two days of receipt.

    AML / KYC

    US Fed Fines Taiwanese Bank $29mn for AML Failures

    By Editors | 19/01/2018

    US Federal Reserve Board cites deficiencies in Mega Bank’s operations, risk management and compliance controls in relation to AML and bank secrecy laws.

    AML / KYC

    Hong Kong SFC Looks to Optimise Enforcement Action

    By Editors | 18/01/2018

    New guidance removes threat of criminal prosecution in cases of “non-serious” regulatory breaches and cooperation ‘above and beyond’ regulatory obligations.

    AML / KYC

    MAS to End Pre-Approval Requirement for Non-Face-to-Face KYC

    By Samuel Riding | 17/01/2018

    Regulator says money changers, remittance firms don’t need pre-approval for video-onboarding and other tech, but must have non-face-to-face procedures audited.

    AML / KYC

    Philippines Will Now Report Cross Border Banking Stats to BIS

    By Editors | 17/01/2018

    BSP has begun reporting international banking statistics from January 2018, having met BIS standards for completeness and quality.

    AML / KYC

    Singapore Activates 61 AEOI Relationships for 2018

    By Editors | 17/01/2018

    The country will automatically exchange tax information from January 2017 with 61 countries under the OECD’s Common Reporting Standards.

    AML / KYC

    SFC Urges Licensees to File “Better Quality” Suspicious Transaction Reports

    By Editors | 17/01/2018

    Circular sent to firms following a feedback report issued by the Joint Financial Intelligence Unit.

    AML / KYC

    UPDATED – Korea to Implement ID System for Crypto Traders

    By Manesh Samtani | 17/01/2018

    Plan includes penalties for noncompliance, rooting out of foreign investors and minors, but no trading ban in the short term.

    AML / KYC

    HKMA Proposes Open APIs for Financial Services

    By Editors | 15/01/2018

    Consultation suggests it could take just six months for banks to develop APIs including their product and service information.

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