AML / KYC

APAC Banks Slow to Integrate Fraud, AML Functions

06/03/2020

A FICO survey finds that only 18% of APAC banks have a strategic plan to converge their fraud and AML compliance functions, despite some 71% believing it will help fight financial crime.

AML / KYC

New Zealand Takes First Criminal Action Under AML/CFT Act

05/03/2020

A mother, son and their company were convicted for helping a known pyramid scheme operator remit NZ$53mn into New Zealand, without conducting CDD or reporting suspicious transactions.

FSC Korea Unveils 2020 Roadmap to Stimulate Capital Markets

05/03/2020

The FSC’s plans include the development of a high yield corporate bond market, an overhaul of securitisation regulations, and looser rules on securities firms providing capital to SMEs, among others.

Market Infrastructure

HK Entities of Chinese Groups Get Relief from CbC Filing Obligation

05/03/2020

Mainland China and Hong Kong have entered into an arrangement for the automatic exchange of country-by-country reports, a welcoming development according to KPMG.

Securities / Derivatives

Thailand Set for Launch of New ‘Super Savings Fund’ Scheme

05/03/2020

The new mutual fund scheme was initiated by the Finance Ministry, offering tax incentives to encourage investors to save and invest.

AML / KYC

Trade Misinvoicing a ‘Persistent Problem’ in Developing Countries

05/03/2020

Think tank Global Financial Integrity found $8.7tr in misinvoiced trade in the ten years from 2008 to 2017. Trade misinvoicing is one of the largest components of global illicit financial flows.

Market Infrastructure

Australia: FAR Extension Out of Step with Royal Commission Proposals

05/03/2020

The proposed extension of the Financial Accountability Regime to ASIC-regulated firms could potentially affect 53,000 small businesses, says former ASIC official Pamela Hanrahan.

Securities / Derivatives

HK Bourse Asks IPO Applicants to Detail Covid-19 Impacts, Contingency Plans

05/03/2020

The Hong Kong stock exchange has reportedly asked IPO applicants for information on supply chain disruptions, business contingency plans, and cash burn rates, among others.

Crypto / Digital Assets

Supreme Court Overturns RBI Circular Barring Banks from Crypto Dealings

04/03/2020

The ruling is hailed as a big win for the crypto sector. But, the government  has yet to act on an interministerial committee’s recommendations to ban all private cryptocurrencies.