AML / KYC

A legislative notice has been posted in the Hong Kong gazette, saying the national law applies in the city as part of the Basic Law from 11pm on 30 June 2020.

Wirecard has filed for insolvency amid multiple probes. BaFin faces scrutiny for mishandling clear red flags. EY faces lawsuits for failing to catch the improprieties earlier.

Once signed into law, the Act will authorise the use of sanctions against individuals, entities and financial institutions in response to China's new national security law for Hong Kong.

The FATF calls for a coordinated response from public authorities, the private sector and civil society to identify and disrupt financial flows from illegal wildlife trade.

The seized bank funds, said to be connected to suspected Russian money launderer Alexander Vinnik, represent the largest ever asset restraint in New Zealand police history.

Recent initiatives by HSBC to shift to lower-cost, digital-first services are largely seen as a response to new competition from virtual banks in Hong Kong.

CLSA Premium NZ failed to adequately conduct customer due diligence, terminate certain business relationships, report suspicious transactions, and maintain records.

The head of dealing "turned a blind eye" to internal control deficiencies in relation to third party deposits brought to her attention by its staff since 2013.

Under draft rules, government approval will be required for investment in an Indian pension fund from land-border countries including China; a 49% cap is proposed for other foreign investors.

Covid-19 has kickstarted a rush to digitisation. Changes not expected for another 5-10 years will now be seen over the next 18 months, says Fenergo's Greg Watson.