UK regulator the Financial Conduct Authority (FCA) has made public its threatened enforcement action against an interdealer broker that has failed to exercise due skill, care, and diligence in its anti-money laundering (AML) policies and procedures. The firm’s “serious failings” […]
Bank Negara Malaysia will now allow money services businesses (MSBs) to onboard corporate clients digitally, using electronic Know Your Customer (e-KYC) and non-face-to-face verification processes. Previously, remittance and money-changing businesses were only permitted to use e-KYC techniques for individual customers. […]
As a gateway to China, Hong Kong is an important financial destination for businesses across APAC and the world, including numerous fintech service providers dealing in virtual assets such as cryptocurrency. Hong Kong’s regional and global status also makes it […]
eWallets are online storage systems that hold users’ banking information and can be used to pay for goods and services, often in conjunction with mobile payment systems. Use of eWallets and “mobile money” has grown rapidly since 2017 as the […]
Money services businesses provide currency exchange and conversion services for organizations all over the world. Financial institutions which transmit or convert money fall into the classification of ‘Money Services Business’ (MSB). While they provide some of the same services, MSBs […]
PEP Red Flags: Detecting Misuse Of The Financial System Many uncertainties and misunderstandings surround politically exposed persons, or PEPs. Classifying a client as a PEP is not an aim in itself; rather, it forms part of the process that enables […]
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