Financial Action Task Force

PEPs & Sanctions

US Agencies Issue Alert on North Korea Cyber Threat

By Manesh Samtani | 22/04/2020

The advisory highlights the powers US agencies have to subpoena foreign FIs that maintain a correspondent bank account in the US to gain access to customer records stored overseas.

KYC & CDD

India Moves to Prevent ‘Opportunistic Takeovers’ by Chinese Investors

By Editors | 19/04/2020

India has introduced a pre-approval requirement for all foreign investment from seven countries including China to curb “opportunistic takeovers or acquisitions” of Indian companies.

Anti-Money Laundering

S. Korea AML/CFT Framework Significantly Strengthened: FATF

By Editors | 19/04/2020

Korea demonstrates effective cooperation among local authorities, the private sector and foreign counterparts; and effective use and development of financial intelligence.

Structural Regulation

Myanmar Awards Licences to Seven More Foreign Banks

By Editors | 13/04/2020

The preliminary licences were awarded to three Korean banks, two Taiwanese banks, one Hong Kong bank and one Thai bank.

Anti-Money Laundering

FATF Grants Pakistan More Time to Address AML/CFT Deficiencies

By Editors | 12/04/2020

Pakistan will now have to submit its progress report in August instead of April, and the FATF review scheduled for June will instead take place in October.

KYC & CDD

HKMA Encourages Remote Onboarding to Manage Covid-19 Challenges

By Editors | 07/04/2020

AIs and SVF licensees are encouraged to continue the provide the public convenient account opening and access to banking and payment services.

KYC & CDD

The Four e-KYC Models Around the World

By Claus Christensen | 05/04/2020

Claus Christensen at Know Your Customer Ltd identifies four e-KYC models in use across the world, but says that harmonisation and consolidation of these schemes is likely.

KYC & CDD

FATF Re-rates US as ‘Largely Compliant’ on CDD Measures

By Editors | 03/04/2020

The US is now compliant on 9 FATF Recommendations, largely compliant on 22, partially compliant on 5, and non-compliant on 4.

Anti-Money Laundering

Doing What is Right: Financial Inclusion Needs Better Incentives

By Isabella Chase | 02/04/2020

Tools to enable financial inclusion exist, but without positive incentives to put these into practice barriers will remain, says RUSI’s Isabella Chase.