Financial Crime

KYC & CDD

SFC Provide Guidance on Online Client Onboarding

By Manesh Samtani | 18/07/2018

Procedures to verify client identities include obtaining a digitally signed agreement and identity document copy, and the use of designated accounts in the client’s own name only for deposits and withdrawals.

Trade Based Money Laundering

HKMA to Launch Blockchain-based Trade Finance Platform by September

By Emma Zhou | 18/07/2018

Platform will boost efficiency, lower costs and reduce fraud risks in trade finance for participating banks, which include HSBC, SCB, ANZ, BEA, DBS and Hang Seng.

Market Abuse

MUFG Brokerage Unit Primary Dealer Status Suspended

By Manesh Samtani | 17/07/2018

Dealer found to be manipulating prices in JGB futures trading, resulting in one-month suspension of the firm’s primary dealer status for one month.

Fraud, Scams & Cybercrime

Japan’s Higashi-Nippon Bank Under Fire for Lending Misconduct

By Manesh Samtani | 16/07/2018

The bank falsified customers’ financial records to boost loans, illicitly charged fees on loans in addition to interest, and used inappropriate financing methods involving over-lending to customers.

Fraud, Scams & Cybercrime

Former NAB Branch Manager Banned for Loan Fraud

By Emma Zhou | 13/07/2018

ASIC investigation found the branch manager accepted false documents to support loan applications and falsely attributed loans to obtain undue commissions.

Market Abuse

CBA Enters Enforceable Undertaking with ASIC for BBSW Manipulation

By Manesh Samtani | 12/07/2018

CBA will engage an independent expert to assess changes to the banks’ policies, procedures, systems, controls, training, guidance and framework for the monitoring and supervision of employees and trading in Prime Bank Bills.

Anti-Money Laundering

India Mulls Tracking for All Non-Cash Financial Transactions

By Garima Chitkara | 12/07/2018

India’s central bank is looking to create a repository of all non-cash financial transactions to widen the government’s crackdown on money laundering or shell company activities.

Conduct, Culture & Accountability

AMP Warns Financial Advisers on Licences Amid ASIC Investigation

By Garima Chitkara | 12/07/2018

ASIC has launched a civil action against AMP for misconduct in its financial planning arm causing the firm to put 300 of its financial planners on notice that their licences may be discontinued.

Cryptocurrency

Australian Tax Officials To Crack Down On Crypto Traders

By Garima Chitkara | 12/07/2018

The Australian Tax Office will use cross border data sharing agreements to track tax obligations of cryptocurrency traders, though tax implications from major gains will likely be confined to a few individuals.