Cambodian Lenders Grant Reprieve from Debt Repayment

14/04/2021

Six measures have been announced, including lower interest rates, credit restructuring benefits and relief for Covid-19 patients.

ASIC Sets Expectations on New Complaints Handling Obligations

14/04/2021

ASIC plans to check in with industry at various stages of RG 271’s implementation and assess whether its expectations about preparation are being met.

AML / KYC

Singapore Court Jails Money Mule for Over 3.5 Years

13/04/2021

The woman received more than S$730,000 in criminal proceeds in various bank accounts she set up for her “online lover”.

AML / KYC

RBNZ Establishes Standalone Enforcement Department

13/04/2021

The new department will work to incentivise and manage prudent behaviour as well as hold institutions to account for non-compliance.

AML / KYC

Singapore Court Charges Five Over Shell Company Activity

12/04/2021

Between 2016 and 2019, eight police reports were filed by victims who were deceived into wiring around $1.7mn into the bank accounts of Singapore-registered shell companies.

Korea to Root Out Speculation in Real Estate Market

10/04/2021

The FSC is setting up a special financial response team and new monitoring system to root out speculation in the property market.

Fintech / Regtech

Overseas Filipino Bank Obtains Digital Bank Licence

09/04/2021

Overseas Filipino Bank, formed as a policy bank to provide services to overseas Filipinos, has been granted a digital banking licence.

Enforcement

Indian Court Lifts Freeze Order on ByteDance Bank Accounts

08/04/2021

ByteDance is required to deposit around $10.6mn in a state-run bank, the amount tax authorities claim the company owes.

AML / KYC

Philippines Expands AML Rules to Financing, Lending Firms

08/04/2021

All financing and lending companies are required to register with the AMLC, report suspicious transactions and comply with other AML/CTF rules.