On May 30, 2023, the Bangko Sentral ng Pilipinas (BSP) issued a memo to remind supervised financial institutions (FIs) of their regulatory obligations to perform strong due diligence measures on designated non-financial business and profession (DNFBP) customers. According to the […]
On May 26, 2023, the Monetary Authority of Singapore (MAS) published new guidance for financial institutions (FIs) on reviewing their countering the financing of terrorism (CFT) controls. The advisory follows an industry-wide survey conducted by the regulator, which considered CFT-related […]
The Hong Kong Monetary Authority (HKMA) has announced the launch of a new pilot program for the potential rollout of a retail central bank digital currency (CBDC), known as e-HKH. On May 18, 2023, the regulator confirmed that 16 firms […]
Any obligated firm faces a range of practical challenges in meeting compliance demands and addressing financial crime risks. For those operating in cross-border payments, these challenges are greater still; not only do regulators see cross-border activity as generally ‘riskier’ than […]
The Australian Securities and Investment Commission (ASIC) has announced the imminent introduction of a cross-industry code that will hold banks, telcos, and social media platforms responsible for scam safety and make them liable to reimburse people who lose money through […]
When it comes to the rapid expansion of financial technology (fintech), Asia-Pacific (APAC) is leading the way. As economic integration and private sector innovation increase, many countries throughout the region are experiencing growth and regulatory reform across various verticals of […]
The recent Guidance Paper on Transaction Monitoring from the Philippines Office of the Deputy Governor of Financial Supervision describes the comprehensive capabilities required to fight financial crime. As the financial services world gets smaller with the introduction of more real-time […]
On May 9, 2023, the Monetary Authority of Singapore (MAS) announced that the Financial Services and Markets (Amended) Bill (FSM(A)B) had been passed by parliament, creating a regulatory framework for MAS’ secure information-sharing platform that is due to launch in […]
In a circular promoting access to banking services for corporate customers, the Hong Kong Monetary Authority (HMKA) has urged banks to provide services to licensed virtual asset service providers (VASPs). Specifically, the regulator encourages authorized institutions (AIs) to adopt “a […]
On April 18, 2023, Singapore’s Ministry of Home Affairs (MHA) and the Smart Nation and Digital Government Office (SNDGO) proposed stricter laws to strengthen the country’s defense against scams facilitated by money mules. While the police investigated more than 19,000 […]
Australia’s Albanese government has announced it is now reviewing the findings from the Senate’s inquiry into the adequacy and efficacy of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime. As part of the inquiry, participating firms were presented with a […]
On March 30, 2023, the Bangko Sentral ng Pilipinas (BSP) released a circular outlining amendments to existing customer due diligence (CDD) requirements for supervised financial institutions (FIs). The updates include new electronic know your customer (eKYC) rules detailing how digital […]
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