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AML / KYC
EU Imposes First Sanctions Against Cyber Attackers
By Editors | 03/08/2020
Measures will be taken against six individuals and three entities, including travel bans, asset freezes, and a prohibition on obtaining funding from the EU.
Enforcement
ATO Commences Pilot Audit of Early Super Withdrawal Scheme
By Editors | 03/08/2020
The tax office is contacting Australians who withdrew their superannuation funds early to assess if the need was genuine, and whether they should be penalised.
AML / KYC
Ex Coutts Banker Fined Over $700m 1MDB Transfer
By Editors | 03/08/2020
The former Coutts & Co banker approved a $700mn transfer request from Jho Low, the alleged mastermind behind the 1MDB scandal, despite repeated red flags.
Enforcement
S. Korean Regulators Apologise for Private Fund Losses
By Editors | 30/07/2020
The FSC has meanwhile released new administrative guidance on private funds, aimed at strengthening supervision of the sector.
AML / KYC
China Should Reduce SWIFT Use in Case of US Sanctions – Report
By Editors | 30/07/2020
China should prepare for potential US sanctions by increasing the use of CIPS for cross-border transactions, and by developing legislation similar to the EU’s blocking statute.
AML / KYC
HK Police Arrest Five in Transnational Credit Card Fraud Probe
By Editors | 29/07/2020
The syndicate members allegedly used credit card details stolen from cardholders in Singapore, US and Europe to make fraudulent online purchases of electronic products in Hong Kong.
Enforcement
SEBI Offers One-time Settlement for 500+ Errant Brokers
By Editors | 29/07/2020
SEBI identified instances where trading participants were consistently making losses on stock options trading, only to reverse the losses later in the day or the next day.
AML / KYC
Sri Lanka Fines 2 Banks, 3 Finance Firms for AML Failures
By Duruthu E Chandrasekera | 29/07/2020
Sri Lanka’s FIU has revealed that two banks and one finance company were penalised in 2019, and two other finance companies in 2020.
AML / KYC
MAS Revokes Capital Markets Licence for AML Breaches
By Editors | 28/07/2020
Apical Asset Management lacked basic AML/CFT controls despite complex ownership structures used by some of its clients. Its two directors were reprimanded.
AML / KYC
Court Convicts Former Malaysian PM in 1MDB-linked Corruption Trial
By Editors | 28/07/2020
Najib Razak was found guilty of three counts of criminal breach of trust, three counts of money laundering and one count of abuse of power.
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