AML / KYC

AML / KYC

Singapore Re-Rated on Four FATF Recommendations

By Editors | 19/11/2019

Singapore is still rated ‘partially compliant’ on three FATF Recommendations for technical compliance, and will remain in enhanced follow-up.

AML / KYC

NAB Faces Potentially Significant AML Penalties

By Editors | 18/11/2019

NAB’s annual report says the bank has reported “a number of” AML/CTF compliance breaches to regulators, the potential outcome and costs of which remain uncertain.

AML / KYC

MAS to ‘Take Another Crack’ at KYC Utility Project

By Editors | 15/11/2019

The KYC Utility project was shelved last year after the setup costs were deemed to be too high. This time, the MAS will look at “less costly” technology architecture.

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”.