AML / KYC

AML / KYC

SFC Fines BOCOM International Securities for “Serious” Breaches

By Editors | 20/04/2020

The brokerage did not have effective controls to identify third party deposits, and “extensive deficiencies” were found in its handling of margin lending and margin calls.

AML / KYC

Wolfsberg Group Updates Correspondent Banking Due Diligence Questionnaire

By Editors | 20/04/2020

The changes are focused on improving the CBDDQ’s ease of use and readability. One question has been eliminated and some of the wording has been clarified.

AML / KYC

Hong Kong: SME Director Gets 44 Months Jail for Loan Fraud

By Editors | 20/04/2020

The SME director was sentenced for conspiring to defraud five banks, the Trade and Industry Department, and the Hong Kong Mortgage Corporation.

AML / KYC

India Moves to Prevent ‘Opportunistic Takeovers’ by Chinese Investors

By Editors | 19/04/2020

India has introduced a pre-approval requirement for all foreign investment from seven countries including China to curb “opportunistic takeovers or acquisitions” of Indian companies.

AML / KYC

S. Korea AML/CFT Framework Significantly Strengthened: FATF

By Editors | 19/04/2020

Korea demonstrates effective cooperation among local authorities, the private sector and foreign counterparts; and effective use and development of financial intelligence.

AML / KYC

SEBI Seeks Details on UBOs of Chinese, Hong Kong FPIs

By Editors | 16/04/2020

Prompted by the PBOC raising its stake in HDFC to over 1%, SEBI is reportedly concerned that Indian companies may face takeover threats from Chinese investors.

AML / KYC

US Returns $300m of Misappropriated 1MDB Funds to Malaysia

By Editors | 15/04/2020

The funds includes proceeds from assets that Malaysia financier Jho Low allegedly bought with stolen 1MDB money before his $700mn forfeit last year.

AML / KYC

CBIRC Simplifies Administrative Licensing for Trust Companies

By Editors | 15/04/2020

The licensing rules reflect the cancellation of a $1bn asset threshold previously required of foreign financial institutions that invest in domestic trust companies.

AML / KYC

Westpac Expects to Pay A$900m Over AML Breaches

By Editors | 14/04/2020

While the bank expects to make a provision of A$900mn over AUSTRAC’s claim, it says the actual penalty may be materially higher or lower than this amount.