AML / KYC

AML / KYC

G20 TechSprint Invites Firms to Develop Regtech, Suptech Solutions

By Editors | 29/04/2020

Private firms are invited to develop solutions to improve regulatory reporting, crypto asset AML monitoring, and supervisory information sharing.

AML / KYC

PBOC Penalties for AML Violations Spike in Q1 2020

By Editors | 29/04/2020

The increase in penalties is in part the result of a new calculation method in use at the PBOC, where penalties can now accumulate when multiple breaches occur at once.

AML / KYC

Digital Identification in a Post-COVID World

By Editors | 28/04/2020

Social distancing has put KYC into sharp focus, with regulators reiterating their support for digital onboarding to ensure financial transactions are possible.

AML / KYC

SEBI Endorses Technology Use to Facilitate Online KYC

By Editors | 27/04/2020

The investor KYC process can be completed through websites or apps, which should include video-based ID verification, liveness checks, and electronic signatures and documents.

AML / KYC

Singapore’s Financial Industry’s Role in Preventing Sanctions Evasion

By Jamil Ahmed | 23/04/2020

Given its geographical location and reputation as a major finance and trading hub, Singapore firms need to take extra care to avoid implicating themselves in sanctioned transactions.

AML / KYC

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.

AML / KYC

ASIFMA Offers Hong Kong Guidance on Common KYC Practices

By Editors | 22/04/2020

The guidance on account opening and KYC refresh is based on practices employed at 15 banks in Hong Kong that have a strong global and regional footprint.

AML / KYC

Industrial Bank of Korea to Pay $86m for US Sanctions Violations

By Editors | 21/04/2020

The bank failed to capture and prevent USD 1 billion in transactions to Iranian entities, cleared through financial institutions located in New York including its own branch.

AML / KYC

SFC Fines BOCOM International Securities for “Serious” Breaches

By Editors | 20/04/2020

The brokerage did not have effective controls to identify third party deposits, and “extensive deficiencies” were found in its handling of margin lending and margin calls.