AML / KYC

AML / KYC

Inaugural FATF Supervisors’ Forum Meets in China

By Editors | 14/11/2019

The Supervisors’ Forum brought together supervisors from over forty countries to discuss ways in which oversight on ML/TF risks can be enhanced.

AML / KYC

China Ramped Up AML/CTF Enforcement in 2018, PBOC Report Shows

By Editors | 14/11/2019

Enforcement of AML/CTF rules increased in 2018, evidenced by a 41% increase in fines levied. Firms in non-financial sectors have also been brought under the PBOC’s AML/CTF supervision ambit.

AML / KYC

BCBS Seeks Cooperation Between Prudential and AML Supervisors

By Editors | 13/11/2019

The BCBS says different supervisory functions should exchange information and cooperate both domestically and across borders, regardless of the institutional setting.

AML / KYC

BCBS Updates AML/CFT Guidance for Correspondent Banking

By Editors | 10/11/2019

The revisions update the list of risk indicators banks should use to conduct risk assessments and specify conditions for using KYC utilities for obtaining customer information.

AML / KYC

Malaysia Proposes Cash Payment Limit to Curb Financial Crime

By Editors | 08/11/2019

The central bank says any action aimed at circumventing the proposed 25,000 ringgit cash transaction limit would be considered an offence for both the payer and payee.

AML / KYC

SEBI Allows Intermediaries, Funds to Use Aadhaar for e-KYC

By Editors | 08/11/2019

Intermediaries and mutual fund distributors are not allowed to store investors’ Aadhaar numbers “under any circumstances”.

AML / KYC

Australia Has an IFTI Problem

By Eric Knight | 08/11/2019

Australia’s approach to international payments needs to change, and reporting entities need to update their legacy systems for better reporting, say Eric Knight and Nick Armstrong.

AML / KYC

Fintel Alliance Is Critical to Financial Crime Fight: AUSTRAC

By Editors | 07/11/2019

The Fintel Alliance reveals its operational results in its annual report. A second report sets out financial indicators to help FIs detect and report child sexual exploitation.

AML / KYC

SFC Unveils Regulatory Framework for Crypto Exchanges

By Manesh Samtani | 07/11/2019

Under the new framework, announced at Hong Kong Fintech Week, platform operators that offer trading in virtual assets classified as securities may seek Type 1 and Type 7 licences from the SFC.