AML / KYC

NY Court Acquits Two Philippine Casinos in Bangladesh Bank Case

18/04/2022

Bangladesh Bank says the court did not dismiss the entire case concerning its 2016 hack; only two of the 20 accused were acquitted due to “lack of jurisdiction”.

AML / KYC

AIST Seeks Clarity on SoF, SoW Expectations for Super Funds

18/04/2022

AIST is asking AUSTRAC to recognise that super funds are presented with lower risks than other reporting entities, and to align its expectations for SoF and SoW checks accordingly.

Capital / Liquidity

UK Regulators Warn Banks Against ‘Gaming the Rules’

18/04/2022

The warning is reportedly directed at Barclays, the only UK lender that used its pension scheme for capital arbitrage transactions in recent years.

AML / KYC

HKMA Asks Banks to Help Reactivate Dormant Mainland Accounts

18/04/2022

Hong Kong customers are facing difficulties reactivating their Mainland accounts due to travel restrictions preventing them from visiting the banks’ branches in person.

AML / KYC

FinCEN Issues Guidance on Detecting Foreign Public Corruption

17/04/2022

The advisory offers indicators to help FIs in preventing, detecting, and reporting suspicious transactions associated with kleptocracy and foreign public corruption.

Enforcement

SEBI Fines BSE, NSE for Failure to Detect Karvy Fraud

17/04/2022

Karvy Stock Broking misused INR 23 billion worth of securities belonging to more than 95,000 clients, pledging them with 8 banks to raise INR 8.5 billion for its own use.

Fintech / Regtech

China: Industry Bodies Warn of NFT-related Financial Risks

17/04/2022

China’s internet finance, banking and securities associations have outlined six measures to curb “NFT financialisation and securitisation” and prevent NFT-related illegal activity.

AML / KYC

GCFFC Task Force to Drive Sanctions Compliance in Crypto

17/04/2022

The founding members of the task force are Chainalysis, Elliptic, GDF and Safello, who will together work to support sanctions compliance in the crypto industry.

Capital / Liquidity

PBOC Cuts RRR for Banks as Economic Uncertainty Looms

17/04/2022

The cut will free up an estimated CNY 530 billion in banking system liquidity to support the economy and keep financing costs stable.