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AML / KYC
EU Set to Formalise Magnitsky-style Sanctions Regime
By Editors | 29/11/2020
New legislation provisionally agreed by member states will allow the EU to target individuals who commit gross human rights violations irrespective of nationality.
Enforcement
US OCC Fines JPMorgan for Weak Controls Over Fiduciary Activities
By Editors | 29/11/2020
The deficiencies identified by the OCC constituted unsafe or unsound practices that were part of “a pattern of misconduct”, says the consent order.
Enforcement
Prosecutors Assess Whether EY Acted Criminally During Wirecard Audits
By Editors | 29/11/2020
Germany’s audit supervisor has reportedly told prosecutors that EY may have violated its legal due diligence and reporting obligations during its Wirecard audits.
AML / KYC
Philippines Approves House Bill to Strengthen AML Law
By Editors | 26/11/2020
The amendments will bring precious metals dealers, casinos and real estate brokers and developers into scope under the Anti-Money Laundering Act.
AML / KYC
RBNZ Investigates Two Banks Over AML Compliance
By Editors | 26/11/2020
The RBNZ is also looking into compliance issues eight banks have identified with transaction reporting requirements over the past six months.
Enforcement
SFC Bans Ex Sun Hung Kai Account Exec Over Discretionary Trading
By Editors | 26/11/2020
The former licensed representative effected transactions in two clients’ accounts on a discretionary basis without obtaining prior written authorisations or senior management approval.
Enforcement
SFC Bans Ex-StanChart Banker For Concealing Personal Trades
By Editors | 25/11/2020
The SFC’s decision followed a referral from the HKMA, which discovered that the former banker also wilfully misrepresented himself to the Appeals Tribunal.
Enforcement
Taiwan FSC Fines E.Sun Commercial Bank Over Client Theft
By Editors | 25/11/2020
A customer relationship manager stole TWD 140 million from 41 clients over seven years. The bank has been fined and two of its executives were suspended.
AML / KYC
AUSTRAC Reports on Fintel Alliance Efforts to Combat Criminal Threats
By Manesh Samtani | 25/11/2020
AUSTRAC has developed an algorithm that enables Fintel Alliance to detect suspicious financial patterns while protecting the privacy of underlying reporting entities and personal data.
AML / KYC
NSW Police, AUSTRAC Disrupt Money Laundering Operation
By Editors | 25/11/2020
Two men have been arrested and charged over illegal transfers of currency into offshore accounts as part of an investigation that began in June.
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