AML / KYC
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ASIC to Seek 10-year Sentences for Corporate Criminals
Editors, Regulation Asia October 25, 2017Securities regulator says current maximum punishments are not sufficient as they don’t wipe out gains made from illicit activity.
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Taiwan FSC to Establish Platform for Information Security
Editors, Regulation Asia October 19, 2017Order issued after reports that hackers breached bank's online transaction system and stole $60mn which was distributed via SWIFT.
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835Dangers in Banks Supply Chain Facilitation
JP Reimann, FinFabrik October 19, 2017Why supporting supply chain activity could be a regulatory and reputational minefield for banks.
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India to Allow Currency Hedging by Non-resident Companies
Samuel Riding, Regulation Asia October 19, 2017RBI (the Reserve Bank of India) will allow central treasuries used by non-resident companies to hedge their rupee currency risk from trade transactions.
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FIs No Longer Have to Verify Client Addresses for AML/CTF – HKMA
Editors, Regulation Asia October 12, 2017AML/CTF regulations to be changed; banking regulator says any current absence of address verification will be seen as justified.
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Australian Banks Want Fintechs to Pay for ‘Open Banking’
Samuel Riding, Regulation Asia October 11, 2017Biggest lenders continue to frustrate efforts by authorities to increase competition and throw open door to banking disruptors.
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Hong Kong-China to Share Stock Connect Broker, Trader Names
Editors, Regulation Asia October 11, 2017SFC chief says move will enhance market transparency and surveillance, and improve efficiency in cracking down on malpractice.
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China Banking Regulator Doubles Down, Again, on Systemic Risk
Editors, Regulation Asia October 11, 2017CBRC says failure of regulators to identify risks amounts to ‘dereliction of duty’; urges lenders to sort out non-performing loans.
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867Communication Breakdown
Peter Guy, Regulation Asia October 9, 2017WhatsApp et al have widened a grey area in compliance rival financial messaging services are trying to exploit.
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Official Media Confirms China Bitcoin Ban Only Temporary
Editors, Regulation Asia October 9, 2017Xinhua says authorities will introduce a licensing programme and stricter AML rules for cryptocurrency exchanges; ICOs also to become regulated.
