Anti-Money Laundering

Market Abuse

Chinese Court Rules Executives, Auditors Liable for Kangmei Fraud

By Darien Choong | 17/11/2021

Kangmei Pharmaceutical, its executives and auditors will be held fully liable for CNY 2.5bn of investor losses in China’s first ever class action against corporate fraud.

Anti-Money Laundering

APG Re-rates Sri Lanka on One FATF Recommendation

By Editors | 11/11/2021

Sri Lanka extended its foreign exchange declaration requirements to include the full range of bearer negotiable instruments, in line with Recommendation 32.

Anti-Money Laundering

Indonesia, UAE to Cooperate on Payments, Fintech, AML

By Editors | 11/11/2021

Central banks will cooperate on cross-border payments, fintech, and AML. Financial services regulators will cooperate on developing the Islamic finance industry.

Supervision & Enforcement

SAFE Issues Guidance on Penalties for Forex Rule Violations

By Darien Choong | 11/11/2021

Directors and senior managers of financial institutions that deliberately violate the regulations can be fined between CNY 50,000 and CNY 500,000.

Anti-Money Laundering

What Future AML Compliance Requires: A Technology Perspective

By Amber Qin | 10/11/2021

Intelligent AML solutions need to achieve a fine balance between compliance, transparency, effectiveness, and efficiency, say Amber Qin and Sophia Wu from Ant Group.

Fraud, Scams & Cybercrime

US Treasury Announces New Ransomware-related Sanctions

By Manesh Samtani | 09/11/2021

The US Treasury Department, OFAC, State Department, DOJ, and FinCEN have taken coordinated action to counter the ransomware threat.

AI Risk & Governance

Singapore to Deepen AI Capabilities in Financial Sector

By Mark Johnston | 09/11/2021

Singapore has pledged an additional S$180mn in additional AI research funding to enhance the financial sector’s AI capabilities.

Anti-Money Laundering

HKMA Launches AMLab Series to Experiment with Network Analytics

By Editors | 07/11/2021

Five banks will work with data experts to experiment with the use of data analytics and network diagrams in identifying suspected money mules.

Anti-Money Laundering

India Undergoes National Risk Assessment on ML/TF Risks

By Editors | 07/11/2021

Central agencies including the RBI have been tasked with evaluating sectors that are vulnerable to ML/TF risks. India’s mutual evaluation is expected to take place around May 2022.