AML / KYC

AUSTRAC Issues New Guidance on Money Mule Detection

04/06/2024

The new financial crime guide was developed in response to an increasing trend for foreign students to be used as money mules.

Market Infrastructure

NZ FMA Identifies Weaknesses at Financial Advice Firms

04/06/2024

The FMA also found that the transition to the new financial advice regime resulted in stronger relationships with clients for many advisers.

ESG / Sustainability

Taiwan Issues Guidelines for FIs on Avoiding Greenwashing

04/06/2024

The guidelines set out five principles to help financial institutions avoid greenwashing when making “sustainable” or “green” related statements.

AML / KYC

APAC Regulators Form New Anti-Scam Working Group

04/06/2024

ASIC will lead the working group, which also comprises MAS and the FMA. The regulators will share more scam-related information and build up capacity and cooperation.

AML / KYC

Westpac Sues Insurers to Recover Part of 2020 AUSTRAC Fine

04/06/2024

The legal action is aimed at recovering A$400mn that Westpac believes should have been paid out to offset its 2020 AUSTRAC penalty.

AML / KYC

Hong Kong Court Jails Ex-BEA Manager for Bribery Offences

04/06/2024

The former senior relationship manager accepted bribes to help intermediary companies open BEA accounts for their clients.

Market Infrastructure

APRA Identifies Common Gaps in Data Backup Practices

03/06/2024

APRA outlined some common issues and directed regulated entities to review their backup arrangements and address identified gaps promptly.

AML / KYC

APAC FIUs Launches Regional Intelligence Sharing Platform

03/06/2024

The new platform will allow for real-time sharing of information, case studies and technologies among Australasian and ASEAN FIUs.

Market Infrastructure

HKMA Allows WMC Participation by Non-Locally Incorporated AIs

03/06/2024

Non-locally incorporated AIs may provide southbound WMC services through their Hong Kong branches if they meet certain requirements.