AML / KYC

AML / KYC

Japan Regulator Orders Revolut to Improve AML Controls

By Editors | 06/09/2022

Revolut is required to submit a business improvement plan by 3 October and file quarterly progress reports until implementation is complete.

Fintech / Regtech

India Raids Payment Firms in Digital Lending App Probe

By Editors | 06/09/2022

The Enforcement Directorate said digital loan app providers involved in extortion and harassment of members of the public are controlled and operated by Chinese persons.

AML / KYC

China: Liaoning Officials Probed Following Two Bank Failures

By Editors | 06/09/2022

Among them, two CBIRC officials are accused of failing in their supervisory duties and for accepting bribes in exchange for favours.

AML / KYC

US Fed Ends HSBC 2012 Deferred Prosecution Agreement

By Editors | 06/09/2022

HSBC welcomed the decision, saying its employees have worked hard over the last decade to transform the bank’s financial crime risk management capabilities.

AML / KYC

RBI Issues New Guidelines on Digital Lending

By Sanday Chongo Kabange | 06/09/2022

The guidelines are applicable to existing customers availing fresh loans and new customers getting onboarded. Existing digital loans must be in compliance by 30 November.

Securities / Derivatives

SFC Suspends Rifa Futures Exec Over ‘Xinguanjia’ Trading Software

By Editors | 06/09/2022

In July, Rifa Futures became the fourth firm to be fined over the use of Xinguanjia. The firm’s managing director has now been suspended for 8 months.

AML / KYC

BSP Rolls Out New Cyber Risk Management Software at FIs

By Editors | 06/09/2022

The software will streamline and automate regulatory supervision, reporting and compliance assessment of banks’ cybersecurity risk management.

AML / KYC

Gold Producer Becomes Second Russian Firm to Issue CNY Bonds

By Editors | 05/09/2022

Russia is now in third place on a list of non-mainland jurisdictions using the yuan for global payments, after Hong Kong and the UK.

Enforcement

Korean Authorities Arrest 16 Over Illegal FX Transactions

By Editors | 05/09/2022

In some cases, funds were remitted overseas via commercial banks, disguised as payments for trade businesses to exploit the “Kimchi premium”.