AML / KYC

Korea to Crack Down on Financial Crime Involving Capital Markets

16/08/2023

The FSS and National Office of Investigation have signed an MoU to strengthen cooperation on illegal activities in the capital market.

Sanctions

US Sanctions Three Entities Tied to Russia-DPRK Arms Deals

16/08/2023

The three entities are owned or controlled by a Slovakian arms dealer who was sanctioned by the US in March.

Market Infrastructure

Wealth Connect Hindered by ‘Narrow Range of Products’

16/08/2023

Market participants are looking for regulators to extend the Wealth Management Connect scheme to more products and well as widen its sales channels.

Fintech / Regtech

Taiwan FSC Consults on AI Use Principles for Financial Industry

16/08/2023

The six core principles cover governance, fairness, privacy, security, transparency and sustainable development.

Enforcement

Hong Kong IA Bans Ex-StanChart Agent for Six Months

16/08/2023

The agent doctored a DDA form because the client’s signature was missing on one page. The SFC previously disciplined the same individual.

Fintech / Regtech

HKMA Asks Banks to Participate in New Data Sharing Initiative

15/08/2023

The Interbank Account Data Sharing Initiative will enable banks to share bank account data with other banks, subject to customer consent.

AML / KYC

Ex-FBI Agent Admits He Worked for Sanctioned Russian Oligarch

15/08/2023

Charles McGonigal, one of the highest-ranking FBI agents to ever face criminal charges, entered a guilty plea on Tuesday in New York.

AML / KYC

HKMA Fines EFG Bank Over AML Control Deficiencies

15/08/2023

The bank failed to complete identity verification for customers that were transferred in from another FI and had other issues related to CDD and ongoing monitoring.

Fintech / Regtech

Taiwan FSC to Establish New Rules for Robo-Advisor Services

15/08/2023

Robo wealth management services are currently being offered by 16 financial institutions. Legislation will be ready in H1 2024.