AML / KYC

Citibank’s Andrew Marane Explores the Dynamics of Cybercrime in Banks

19/09/2023

Andrew Marane, Director, Fraud Operations APAC/EMEA at Citibank, spoke at Regulation Asia’s Fraud & Financial Crime Asia 2023 event on 13 July. At the sidelines of the event, he shared how the dynamics of cybercrime in banks have changed with fraudsters changing the way they attack. He also touched on million-dollar scams against clients becoming a major fraud challenge for banks and how education can prevent them.

Fintech / Regtech

Singapore Banks Integrate Anti-Malware Feature in Mobile Apps

19/09/2023

The security feature enables banks to block access to their mobile apps and alert the customer if malware is detected on their device.

Enforcement

SFC Penalises Chee Tak Securities and MIC for Regulatory Breaches

19/09/2023

Chee Tak Securities had no written manuals, policies and procedures on recording order instructions, ongoing monitoring, trade surveillance or employee dealing.

Crypto / Digital Assets

Citi Become First Digital Custodian on BondbloX Bond Exchange

18/09/2023

Citi clients can become participants of BondbloX Bond Exchange to trade both fractionalised and full-sized bonds.

Enforcement

Affin Hwang Dealer Punished for Misusing Client Funds

18/09/2023

The Affin Hwang Investment Bank dealer’s representative executed personal and unauthorised trades in clients’ accounts.

Enforcement

Chinese Police Arrest Employees of Evergrande Wealth

18/09/2023

Investors who bought Evergrande wealth management products are asked to report their cases. Evergrande’s life insurance unit has also been taken over.

Crypto / Digital Assets

Japan Plans to Allow Startups to Issue Digital Tokens – Report

18/09/2023

The change is applicable to funds raised from investment firms that are set up as Investment Limited Partnerships (LPS), a structure common among VC firms.

AML / KYC

EBA CLEARING Issues Specifications for New Anti-Fraud Functionality

18/09/2023

Nine banks are engaged in the data model training for the new fraud-fighting functionality in STEP2 and RT1.

Sanctions

US and Allies Impose New Wave of Sanctions Against Iran

18/09/2023

The sanctions by the US, UK, Canada and Australia come one year after the death of Mahsa Amini while in the custody of Iran’s Morality Police.