The Hong Kong Securities and Futures Commission (SFC) is introducing customer due diligence (CDD) requirements on cross-border correspondent relationships in the securities sector, after concluding its consultation on proposed amendments to its anti-money laundering and counter-financing of terrorism (AML/CFT) guidelines. Overall, the amended guidelines provide greater clarity and additional flexibility in meeting the AML/CFT requirements for cross-border correspondent relationships, an […]

The post Revised SFC guidelines add clarity to AML requirements for cross-border correspondent relationships appeared first on Asian Private Banker.

The effort made by Deutsche Bank Wealth Management to optimise its onboarding process has yielded results: newly joined RMs are able to open client accounts and move assets with greater ease, despite pandemic-induced restrictions on in-person meetings with clients. Deutsche Bank’s determination to overhaul its onboarding process began in 2018 after an Asian Private Banker COO roundtable. Lok Yim, Deutsche […]

The post More new clients, significant NNA: Deutsche Bank WM reaps the fruits of its onboarding transformation appeared first on Asian Private Banker.

Standard Chartered Private Bank has overcome the challenge of remote client account opening in Singapore, Cedric Lizin told Asian Private Banker. However, the regional head of ASEAN & South Asia and global head of Global South Asia Community (GSAC) for private banking said that the bank’s prospecting ability is facing obstacles because most physical networking events have been cancelled due […]

The post Remote onboarding is not a challenge, remote prospecting is: Cedric Lizin of StanChart appeared first on Asian Private Banker.

Data management in private banking has grown increasingly convoluted and covers a wider range of aspects than before. One of the concerns, sparked by heightened geopolitical risks, is the constantly changing list of sanctioned securities. “Private banks were largely aware of the issue of sanctioned securities monitoring and their sanction exposure,” explained Neil Thomas, head of Asia at SIX to […]

The post Sanctioned securities a growing concern in data management at PBs: SIX appeared first on Asian Private Banker.

Taking a collaborative approach to KYC requirements in Hong Kong can benefit peer banks. This is one of the findings of an industry report on client onboarding and KYC refresh practices in Hong Kong released by the Asia Securities Industry and Financial Markets Association (ASIFMA) today. Titled ASIFMA Hong Kong Common Practices for Client Onboarding and Refresh, the report was […]

The post Industry trade group calls for banks to collaborate on KYC framework appeared first on Asian Private Banker.

In designing platform and business strategies, wealth management firms should emulate the Big Tech firms Amazon, Google and Apple, argues Appway, the digital client lifecycle management (CLM) solution provider. In a newly published report, Appway makes the point that wealth managers’ operational model for client onboarding should incorporate a more diverse suite of products and services (just like Amazon’s broad […]

The post WMs must emulate Amazon, Google and Apple in client onboarding: Appway appeared first on Asian Private Banker.

The Securities and Futures Commission (SFC) has published two circulars expanding the scope of acceptable online onboarding processes for overseas clients given technological developments. Issued on Friday, the documents state which procedures are acceptable when onboarding individual overseas clients and highlight amendments made to paragraph 5.1 of the Code of Conduct. Both circulars will take effect on 5 July. According to […]

The post SFC recognises fintech’s role in remote onboarding appeared first on Asian Private Banker.

Sixty per cent of banks in the region have yet to fully digitalise their onboarding process despite the availability of AML/KYC tools, according to data analytics firm FICO. “Delivering a frictionless account opening experience is bound to appeal to HNWIs who travel a lot, are wedded to their smartphones and are looking to make quick decisions,” Dan McConaghy, APAC president […]

The post Only 2 in 5 APAC banks offer fully digital onboarding: FICO appeared first on Asian Private Banker.

While many private banks in the region bemoan the cumbersome and lengthy process that is client onboarding, Sudhir Nemali, Deutsche Bank Wealth Management’s COO for Emerging Markets, told Asian Private Banker the bank is transforming the pain point into a competitive edge. “It actually started with the APB COO roundtable last year where we were asked the question of what our average account […]

The post Deutsche Bank WM has transformed onboarding into a competitive advantage: Nemali appeared first on Asian Private Banker.