Update: The Monetary Authority of Singapore has released a circular on 8 Jan 2018 regarding using MyInfo as an official source for customer onboarding. Financial institutions would not need to obtain a photograph of the customer separately. For more details, please ... Read More →
News
Latest updates around the world on AML/CFT.
17 Countries Listed in New EU Tax Blacklist
On December 5, the European Union (EU) released a blacklist of 17 countries for failing to meet agreed tax good governance standards. The list was put together by EU's Code of Conduct Group (Business Taxation) team, who are responsible for assessing the tax measures for ... Read More →
Singapore to have new AML/CFT payment services regulatory framework for cryptocurrencies
Singapore will soon have a regulatory framework on the prevention of money laundering and countering the financing of terrorism for payment services. In a parliament session held on 3 October 2017, Deputy Prime Minister (DPM) and Minister in charge of the Monetary A ... Read More →
Know Your Customer (KYC) Blockchain Prototype Tested in Singapore by Major Banks
In a joint release on Tuesday, OCBC Bank, HSBC, Mitsubishi UFJ Financial Group (MUFG) and the Infocomm Media Development Authority (IMDA) have developed and tested a KYC blockchain – a first in South-east Asia.The prototype is said to be able to solve current p ... Read More →
BCBS: AML/CFT Risks and opportunities on Fintech
The Basel Committee on Banking Supervision (BCBS) released a consultation paper on the implications of fintech for the financial sector last Thursday on August 31st named, Sound Practices: Implications of fintech developments for banks and bank supervisors. The paper ... Read More →
