Hong Kong exposed to medium-high level of money laundering risk; ability to combat money laundering also assessed as medium-high.
SZSE and SSE have strengthened rules for member firms on monitoring key accounts for abnormal trading and market manipulation.
MAS has released guidelines on promoting individual accountability of senior managers, strengthening employee oversight, and embedding 'proper conduct' standards at financial institutions.
Deputy chief Arthur Yuen highlighted technological innovation, increased information sharing and the application of a risk-based approach as the key issues to implementing effective AML systems.
Central bank says many online lending firms are not licensed, making the loans illegal.
Australia released new draft regulations to make technical amendments to the levies in the industry funding framework; consultation closes on 14 May 2018.
China’s central bank issued a warning on all illegal fundraising, including through financing intermediaries, online finance platforms, real estate, agriculture, ICOs.
Toolkit offers options on standards and codes of behavior, measures related to wholesale market conduct, guidance on compensation, and tools for strengthening governance.
As the country looks to increase grass-roots access to finance, it will require greater engagement with the international financial community, requiring greater focus on preventing financial crime.
Criminal offences can result in 10 years imprisonment or $725,000 for individuals; or the larger of $7.25 million, 3 times the benefits, or 10% of annual turnover for companies.