Anti-Money Laundering

KYC & CDD

Regulatory Pressures Drive Demand for Client Management Solutions in Asia Pacific

By Editors | 08/09/2014

In a sign of an increasing regulatory pressure for financial institutions in Asia Pacific, regulatory onboarding, entity data and client lifecycle management solutions provider Fenergo is expanding in the region.

Anti-Money Laundering

Standard Chartered Fined $300 Million by US Financial Watchdog

By Editors | 21/08/2014

Standard Chartered will pay $300m over lapses in anti-money-laundering procedures and temporarily suspend its dollar clearing operations with high-risk clients in Hong Kong, the New York State Department of Financial Services (DFS) said.

Anti-Money Laundering

Leveraging Technology for Compliance and Performance

By Editors | 19/08/2014

Accuity CEO Hugh Jones describes how advanced systems are revolutionising banks’ ability to meet regulations.

PEPs & Sanctions

PwC Fined $25 Million for Altering Probe Report on Japanese Bank

By Editors | 18/08/2014

New York state has fined PricewaterhouseCoopers $25m and suspended some consulting work for two years after it altered a report to regulators on sanctions and money-laundering controls for Bank of Tokyo-Mitsubishi UFJ Ltd.

Supervision & Enforcement

S. Korean Regulator to Reprimand Financial Firms for Illegal Loans

By Editors | 06/08/2014

South Korea’s chief financial regulator said he will consider punishing financial companies for making illegal loans and leave the punishment of employees up to the companies, in view of disciplinary action being mulled by authorities on hundreds of senior bank officials.

KYC & CDD

FATCA Implementation Stalled by Complexity

By Peter Guy | 28/07/2014

Asian institutions still struggling with compliance systems even as law takes effect.

KYC & CDD

Australian Banks Face Pressure Over Real Estate Loans to Foreigners

By Editors | 22/07/2014

Australian banks are coming under scrutiny as politicians investigate their role in helping fund foreign investment in real estate.

Anti-Money Laundering

Singapore Tightens Rules Against Money Laundering and Terrorist Financing

By Editors | 19/07/2014

The Monetary Authority of Singapore is requiring banks and other financial institutions to perform a risk assessment on money laundering and terrorist financing at a wider institutional level, beyond the assessment of individual customers.

Anti-Money Laundering

More Chinese Banks Hit in Money Laundering Scandal

By Editors | 10/07/2014

China Citic Bank has become the second Chinese bank accused of breaching foreign exchange rules through services that allow people to take money out of the mainland.