Financial Crime

Emerging Prudential Risks

China, Japan Agree To Enhance Financial, Regulatory Cooperation

By Garima Chitkara | 03/09/2018

Central bank and finance ministry officials from China and Japan have agreed to increase dialogue and cooperation on financial supervisory and stability efforts, while opening up financial markets to each other.

Anti-Money Laundering

SFC Urges Licensed Firms To Strengthen AML/CFT Measures

By Editors | 03/09/2018

Hong Kong firms need to step up AML/CFT compliance keeping in mind deficiencies and gaps found during the regulator’s thematic reviews and on-site exceptions.

Conduct, Culture & Accountability

Former Shinhan Bank Employees Arrested Over Hiring Malfeasance

By Garima Chitkara | 03/09/2018

Prosecutors allege that four bank employees, two of which are under arrest, gave preferential treatment to the children of influential former Shinhan bank executives, regulatory officials and senior bureaucrats.

Market Risk

HKMA to Exempt Overseas Incorporated Banks from IRRBB Framework

By Editors | 03/09/2018

Central bank to exempt institutions incorporated overseas from new local IRRBB framework in cases where parent group is not additionally represented in Hong Kong through a locally incorporated institution.

Market Abuse

Chinese Police Detain Fugitive Hedge Fund Manager

By Editors | 31/08/2018

The chairman of Shanghai Fuxing Group fled the country in June amid allegations of market manipulation, after defaulting on bank loans and $2.6bn in investor payouts.

Fraud, Scams & Cybercrime

MAS Bars Former UOB Officer for 12 Years

By Editors | 31/08/2018

The ex-UOB employee, without a capital markets services licence, had setup a company to invest on behalf of other investors, and later misappropriated SG$520,000 entrusted to him by clients.

Credit Risk

Korea Expands Crack Down On Speculative Household Lending

By Garima Chitkara | 30/08/2018

Regulatory authorities will conduct on-site inspection to ensure that banks are in compliance with tighter household lending requirements and that business loans have not been used to purchase houses in 15 wards of Seoul.

Cybersecurity

Samsung SDS Announces Blockchain-based ID Verification Platform

By Manesh Samtani | 29/08/2018

Developed in collaboration with the Korea Federation of Banks, BankSign allows customers to use multiple banks’ mobile apps, once a co-verification certificate is obtained from a single bank.

Supervision & Enforcement

NAB, CBA Could Face Criminal Charges: Australian Royal Commission

By Garima Chitkara | 27/08/2018

Misconduct findings by the Australian Royal Commission spanned the financial sector, notably singling out ASIC and APRA as lacking authority and questioning if they were up to the job of protecting customers.