Anti-Money Laundering

Anti-Money Laundering

SFC Fines Guosen Securities $1.94mn for AML Breaches

By Editors | 19/02/2019

The Hong Kong unit of Guosen Securities failed to make enquiries into or report thousands of suspicious third party deposits.

Data Privacy

Data Privacy, Cybersecurity, Conduct in Focus in APAC

By Manesh Samtani | 14/02/2019

Data privacy, conduct & culture, cybersecurity and AML will be in focus in APAC for the next three years, according to a new report from Fenergo.

KYC & CDD

PBOC to Scrap Approval Process for Corporate Bank Account Opening

By Editors | 13/02/2019

The requirement to obtain PBOC approval for opening a corporate bank account will be scrapped nationwide by year-end, starting from 25 February.

KYC & CDD

UPDATED – Multiple Indian Banks Penalised for Rule Violations

By Editors | 13/02/2019

The latest penalties involve banks’ non-compliance with RBI directions on the monitoring of borrowers’ end use of loan funds, as well as failures related to KYC/AML compliance.

Anti-Money Laundering

China Toughens Penalties for Underground Banks

By Editors | 12/02/2019

Operators of underground banks engaging in illegal forex trading and cross border transfers will face up to 5 years imprisonment, more in the most serious cases.

Anti-Money Laundering

Complying with AML/CTF Obligations in Australia

By Sophie Gerber | 06/02/2019

Sophie Grace director Sophie Gerber lays out the obligations reporting entities must adhere to for compliance with AML/CTF rules in Australia.

Anti-Money Laundering

India Launches Money Laundering Probe Against Former ICICI Bank Chief

By Editors | 03/02/2019

India’s Enforcement Directorate will seek to determine if alleged kickbacks generated in loan deals worth $262mn were laundered to create tainted assets.

Supervision & Enforcement

UPDATED – Malaysia SC Fines Deloitte for 1MDB-Linked Auditing Breaches

By Editors | 31/01/2019

SC says Deloitte failed to immediately report irregularities which may have had a material effect on the ability of a 1MDB unit to repay bondholders. Deloitte is seeking a review of the decision.

Anti-Money Laundering

China to Strengthen Compliance Management at Overseas Bank Branches

By Editors | 24/01/2019

CBIRC guidelines require Chinese banks to strengthen compliance management at overseas branches in relation to AML/CTF, tax evasion, sanctions, consumer protection and cybersecurity.