Tag Archives: AML
November Regulatory Round-up: Strict HK regs limit crypto and SPAC activities for FOs; Tighter AML rules affect PB client onboarding; FI executives’ take on China’s “common prosperity” drive
Tightening AML rules take a toll on client onboarding at private banks
Revised SFC guidelines add clarity to AML requirements for cross-border correspondent relationships
August Regulatory Round-up: SFC fines UBS over multiple reg breaches; HK and SG regulators promote use of AML regtech; China strikes balance between inclusive growth and foreign investment
HKMA financial crime lab and thematic review must train banks’ attention on AML regtech developments
MAS finalises data-sharing platform to help banks fight financial crime
Pandemic business surge heightens AML and sanctions compliance concerns at PBs
April Regulatory Round-up: MAS fines J. Safra Sarasin for AML breaches; HKMA praises banks on AML info sharing; Absence of wealth tax in SG is key draw for U/HNWIs
HKMA commends banks for enhanced collaboration in AML info sharing
CMB Singapore adopts Appway CLM solutions to ease compliance burden
Jan/Feb Regulatory Round-up: GBA Wealth Management Connect; warning against ramp-and-dump scams; 2021 priorities
HKMA to remain focused on AML regtech adoption in 2021
Accuity launches one-stop tool for enhanced due diligence on counterparty risks
Pandemic spurs creation of shell companies to launder money: Tookitaki
SFC proposes risk-based AML rules to align with FATF comments
2020 may set record for volume of regulatory fines issued: Fenergo
HK banks may need to retain due diligence flexibility amid COVID-19 resurgence: HKMA
HKMA affirms “phased approach” by banks adopting remote onboarding
March Regulatory Round-up: SFC postpones regulatory deadlines; Asian banks eager to close gap in AML compliance; Force majeure clause may affect PB trading contracts; Regulators scrutinise price transparency at PBs
Watchdog, regulator pledge support for FIs, highlight risks linked to pandemic
APAC banks fall short of Western peers in fraud and AML compliance integration: FICO
Three FIs receive record fines from PBoC for AML violations
Regtech provider Tookitaki hires industry veteran to strengthen presence in US and APAC
Machine learning essential for sustainable AML compliance programs: Tookitaki
Singapore betters transparency in AML and beneficiary ownership: FATF
Counter financing of terrorism the next priority in combating financial crimes: MAS
Dubai regulatory review finds glaring gaps in StanChart PB’s KYC records
HK AML/CFT regime is “compliant and effective”, some room for improvement: FATF
AML goal is not “zero failure” but systemic risk control: ACAMS
AML-related breaches tripled YoY in Q2: SFC
FATF praises Hong Kong for “strong legal foundation”, suggests areas of improvement
Traditional KYC insufficient in reducing proliferation financing: MAS
Inaugural MAS Enforcement Report: 1MDB investigation continues
Chinese regulator issues new AML/CTF rules as FATF concludes evaluation
Successful banks maintain “fairly compliant” compliance teams: Kroll
Singapore government raises penalties for unreported AML cases
HKMA streamlines AML guideline for PBs
SFC finalises amendments on AML guidelines to facilitate virtual onboarding
HKMA to launch new AML Supervisory Policy Manual
September Regulatory Round-up: MAS lists enforcement priorities; PWMA suggests PWM codes for HK; online suitability a “huge challenge”
MAS’s latest monograph lists determinants of enforcement priorities
SFC’s on-site inspections reveal increase in Code of Conduct breaches
Private banking compliance comes with its own risks: Deloitte
‘Proper’ client segmentation essential as compliance costs rise: DBS’s Dreyfuss
July Regulatory Round-up: OFC structure launches in Hong Kong; AML remains focus of compliance
MAS: Banks should “strike a balance” between AML processes and clients’ needs
