AML / KYC

The changes include a mechanism for overseas corporate funds looking to re-domicile in Hong Kong. OFCs will also have to keep a register of beneficial shareholders.

FIs are devoting resources to maximise technical compliance, while not necessarily optimising detection or deterrence of illicit activity, the Wolfsberg Group says.

The class action, filed by law firm Phi Finney McDonald, will rest on whether Westpac breached disclosure obligations or misled investors about the extent of its AML compliance failures.

With technical preparations now complete at exchanges and clearinghouses, southbound trading investor identification regime is scheduled for implementation on 13 January.

New requirements to have anti-corruption and whistle-blowing policies in place will promote better governance, accountability and transparency for investors.

The banks received funds for their clients through the Bank of the Philippine Islands, which was the local partner of the Westpac money transfer service known as LitePay.

The paper highlights India's Aadhaar programme, which promotes financial inclusion, offers more robust AML/CFT checks, and has led to the creation of several innovative and interoperable digital platforms.

A former CITIC branch manager accepted over HK$1mn in commissions for referring 6 bank clients to a money exchange company to remit money from the Mainland to Hong Kong.

The guidelines set out a framework for bringing together AML/CFT supervisors, prudential supervisors and third-country regulators to coordinate on multi-juridictional AML/CFT matters.

Leissner has agreed to be permanently barred from the securities industry for violating antibribery, internal accounting controls, and books and records provisions of federal securities laws.