AML / KYC

AML / KYC

FATF Encourages Technology Use to Address Covid-19 Challenges

By Editors | 01/04/2020

Criminals and terrorists may seek to exploit gaps and weaknesses in national AML/CFT systems, under the assumption that resources are focused elsewhere, the FATF says.

AML / KYC

BSP Relaxes KYC Norms During Covid-19 Lockdown

By Editors | 01/04/2020

The move will facilitate the delivery of welfare funds to beneficiaries who have no available valid IDs or transactional account with any financial institution.

AML / KYC

RBNZ, FMA Offer AML/CFT Guidance During Covid-19 Lockdown

By Editors | 30/03/2020

Under Alert Level 4, reporting entities have the discretion to not necessarily sight certain documents for ongoing CDD and account monitoring.

AML / KYC

Myanmar Central Bank Revokes Licence of Local Bank

By Editors | 26/03/2020

An investigation that started in 2017 found irregularities with the funding Asia Yangon Bank planned to use to meet its paid-up capital requirements.

AML / KYC

Holding the Line on Ultimate Beneficial Ownership

By Manesh Samtani | 24/03/2020

Financial institutions need to ensure that UBO information on customers is complete and accurate, but this is only half the battle, says Refinitiv’s Phillip Malcolm.

AML / KYC

Moving to a Continuous KYC Process

By Greg Watson | 23/03/2020

Greg Watson discusses how to streamline KYC reviews and move from regular 1-3-5 year reviews to perpetual KYC, managed-by-exception.

AML / KYC

MAS Penalises Trust Company for AML/CFT Failings

By Editors | 20/03/2020

TMF Trustees Singapore was penalised SG$400,000 for failing to verify the source of wealth and monitor transactions on an ongoing basis.

AML / KYC

RBI Brings Payment Aggregators Under Regulatory Remit

By Editors | 19/03/2020

The capital requirement for payment aggregators has been reduced to 150mn rupees, down from 1bn rupees proposed in September.

AML / KYC

S. Korea Approves Revisions to Legal Framework for Crypto

By Editors | 18/03/2020

The revision bill was introduced last November, and passed on 5 March. The government has now approved the revision act at a cabinet meeting on 17 March.