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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Anti-Money Laundering
Taiwan FSC Fines Three Banks Over Client Fund Embezzlement
By Editors | 03/01/2022
CTBC Bank was fined TWD 14 million, Bank SinoPac was fined TWD 4 million, and Bank of Panhsin was fined TWD 2 million.
Operational Risk
Taiwan FSC Reveals Focus Areas of 2022 Inspections
By Editors | 03/01/2022
The 7 core focus areas include consumer protection, real estate credit, information security, conflicts of interest, and green finance.
Cybersecurity
BNM Revises Regulatory Framework for Money Services Businesses
By Mark Johnston | 03/01/2022
The draft rules cover governance arrangements, operational requirements, risk management and internal controls, and IT requirements.
Anti-Money Laundering
UK Court Hands Down Longest Ever Jail Terms for Money Laundering
By Editors | 02/01/2022
A Russian and Lithuanian were sentenced to 16 and 17 years in prison, respectively, for laundering £70mn over four years.
Anti-Money Laundering
SFC Fines Grand International Futures for AML Breaches
By Editors | 02/01/2022
Grand International Futures did not conduct due diligence on customer supplied systems, resulting in thier use to create subaccounts and solicit investment from Mainland investors.
Emerging Prudential Risks
FSC Korea Sets Out Work Programme for 2022
By Mark Johnston | 29/12/2021
The work plan focuses on measures to maintain financial stability, reduce debt risks, promote financial innovation, and enhance the FSC’s rules on network security.
Anti-Money Laundering
PBOC Set to Establish Beneficial Ownership Register
By Manesh Samtani | 27/12/2021
Companies, partnerships, and branches of foreign companies will have until 1 March 2023 to file their beneficial ownership information.
Market Abuse
US Authorities Criminally Convict NatWest on Spoofing Charges
By Editors | 24/12/2021
NatWest traders engaged in schemes to defraud in connection with spoof orders designed to profit from manipulation of the US Treasury securities and futures markets, the DOJ said.
Anti-Money Laundering
KoFIU Completes Initial Review of VASP Business Registrations
By Mark Johnston | 24/12/2021
In all, 29 VASPs have been approved out of a total 42 that filed for registration by the 24 September deadline. Decisions on five entities are still pending.
Anti-Money Laundering
Regulation Asia: Top 20 News Stories for 2021
By Editors | 23/12/2021
This list presents the most-read new stories published by Regulation Asia in 2021, based on aggregated user traffic analytics.
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