AML / KYC

AML / KYC

SWIFT Opens KYC Registry to Corporate Groups

By Editors | 16/12/2019

Enabling corporate groups on the KYC Registry allows them to improve how their KYC data is structured, while freeing up their banking partners from having to chase down documentation.

AML / KYC

BCBS Solicits Comments on Prudential Treatment for Crypto Assets

By Manesh Samtani | 12/12/2019

The BCBS proposes to allocate direct crypto-asset holdings to the banking book, and indirect exposures to the trading book, while prohibiting the use of internal models to calculate market risk.

AML / KYC

Big Data is Transforming Investigations

By Jeremy Birch | 12/12/2019

Big data is rapidly changing how regulators and law enforcement conduct investigations and build cases, say Jeremy Birch, Peter Jones and Kyle Wombolt at Herbert Smith Freehills.

AML / KYC

HSBC Switzerland to Pay $192mn to Settle US Tax Evasion Probe

By Editors | 12/12/2019

HSBC Switzerland has admitted to conspiring with US taxpayers to evade taxes and helping them to hide more than $1bn in assets from tax authorities.

AML / KYC

Japan Banks to Join JPM Blockchain Initative to Boost AML Measures

By Editors | 11/12/2019

Japanese banks are looking to use JP Morgan’s Interbank Information Network to bolster AML measures because it makes screening of cash recipients faster and more efficient.

AML / KYC

RBA Underlines High Cost of Cross-Border Transfers via Big Banks

By Editors | 11/12/2019

The average mark-up over the wholesale exchange rate is around 5.5% for the major banks, versus about 1% for the digital money transfer services, said RBA governor Philip Lowe.

AML / KYC

India’s Cabinet Approves Personal Data Protection Bill

By Editors | 06/12/2019

Under the bill, major violations of data privacy norms can be penalised with jail terms, or monetary fines up to 150 million rupees or 4% of a company’s worldwide turnover, whichever is higher.

AML / KYC

Sri Lanka to Develop Shared KYC Facility Using Blockchain

By Editors | 06/12/2019

The CBSL is inviting software development companies to apply (by 31 December) to help in the development of a proof-of-concept of a shared KYC facility.

AML / KYC

IMF Commends Hong Kong’s Financial System Resilience

By Garima Chitkara | 05/12/2019

The IMF also came out in support of the government’s policies to boost the economy, safeguard financial stability, and combat money laundering and terrorism financing.