Financial Crime

Market Abuse

HKEX Fights Market Abuse with AI, Machine Learning Tech

By JP Reimann | 19/04/2018

NASDAQ technology aims to better safeguard market integrity, detect unusual trading and market abuse, and provide immediate review of group activity involving coordinated trades.

Cryptocurrency

Self-Regulatory Framework Proposed for Korea’s Crypto Exchanges

By JP Reimann | 19/04/2018

Framework proposed by Korean Blockchain Association proposes includes $1.8mn minimum equity capital, five year storage of transaction records , ethical charter to prevent insider trading.

Cybersecurity

Philippines Targets Retail Finance Digitalisation

By Garima Chitkara | 19/04/2018

BSP governor laid out the central bank’s regulatory priorities in fintech and regtech while revealing regulation around AML/KYC requirements and mitigating the risks surrounding data security.

Anti-Bribery & Corruption

S.Korea FSS Chief Resigns Just Weeks into The Job

By Editors | 19/04/2018

Election watchdog finds governor Kim Ki-sik in violation of laws for overseas trips sponsored by financial institutions and political donations.

Conduct, Culture & Accountability

Australia Royal Commission Finds AMP Repeatedly Deceived Regulator

By Manesh Samtani | 19/04/2018

Wealth manager AMP covered up for years a policy of charging customers fees for advice they never received; sought to influence “independent” review into the practice to protect executives.

Supervision & Enforcement

CBA, ANZ to Pay Compensation for Missing Financial Advice Records

By Editors | 16/04/2018

CBA and ANZ to pay $69mn and $36.4mn compensation, respectively, for failing to provide documentation of annual customer reviews.

Liquidity Risk

China Restricts Borrowings, Suspends OTC Options to Curb Brokerage Risks

By JP Reimann | 16/04/2018

Central bank will cap outstanding balances of short-term financing tools at 60% of a brokerage’s net capital; cap to be adjusted every six months based on brokers’ liquidity profiles.

Fraud, Scams & Cybercrime

Vietnam Investigating $660mn Cryptocurrency Fraud

By Samuel Riding | 16/04/2018

Central bank concerned up to 32,000 people have been defrauded; Prime Minister urges regulators to ‘toughen management’ of cryptocurrency activity.

KYC & CDD

Outsourcing Compliance and Cybersecurity is Increasingly Risky Business

By Peter Guy | 16/04/2018

Recent FCA case highlights cost of mismanaged outsourcing. Potential IT problems are brewing for private equity GPs too as big deals systemically overlap banking system.