Financial Crime

Market Abuse

Scandal-Hit Chinese Drug Maker Faces CSRC Fine

By Garima Chitkara | 17/10/2018

The CSRC’s 600,000 yuan fine on Changsheng Biotechnology for falsifying data for a rabies vaccine form a small part of the 9.1 billion yuan it will have to pay.

Market Abuse

S. Korea to Toughen Penalties for Naked Short Selling

By Editors | 15/10/2018

New legislative revisions could subject illegal short sellers to up to 10 years imprisonment and fines amounting to 1.5 times profits on short selling.

KYC & CDD

MAS Shelves ‘KYC Utility’ Project as Costs Surpass Expectations

By Editors | 15/10/2018

The setup cost of the KYC utility exceeds the savings banks would be able to achieve, MAS managing director Ravi Menon told Bloomberg.

Anti-Money Laundering

SFC AML/CFT Guideline Revisions to Take Effect in November

By Editors | 15/10/2018

A July consultation proposed amendments to improve the Guideline’s usefulness and relevance and ensure its alignment with international AML/CFT standards.

Anti-Money Laundering

Europe’s AMLD5 and its Impact on AML Regulations in Asia

By Claus Christensen | 15/10/2018

While AMLD5 confirms the EU’s leadership role in AML legislation, similar efforts have been seen in Asia, says Claus Christensen at Know Your Customer Ltd.

Market Abuse

SFC Ramps Up Enforcement Against Capital Market Abuse

By Manesh Samtani | 12/10/2018

Life is about to get very uncomfortable for those who abuse Hong Kong’s capital markets, said the SFC’s Thomas Atkinson at the 2018 Refinitiv Pan Asian Regulatory Summit.

Anti-Money Laundering

China Issues AML/CTF Rules for Online Financial Institutions

By Editors | 12/10/2018

Online FIs required to verify client identities, monitor terrorist organisations and activities, properly store client information and transaction records, and report large-value and suspicious transactions.

Anti-Money Laundering

Taiwan FSC to Probe Recent Fee Hikes at Banks

By Editors | 12/10/2018

Seven state-banks have raised fees for foreign remittances, saying the extra charges are needed to offset costs associated with upgrades to money laundering controls.

Conduct, Culture & Accountability

Australian Bank Body Seeks an End to Fees For No Service

By Garima Chitkara | 11/10/2018

The Australian Banking Association will change its voluntary code of practice for bankers to end ‘fees for no service’, grandfathered payments and trail commissions.