Financial Crime

Structural Regulation

Guo Shuqing to Head China Super Regulator

By Samuel Riding | 26/03/2018

Senior party official will take responsibility for merged banking, insurance regulator, as predicted by Regulation Asia last February.

Fraud, Scams & Cybercrime

UPDATED – Indian Banks Fall Victim to $342mn in Loan Frauds

By Editors | 23/03/2018

Jewellery chain falsified financial records to obtain 8.24 billion rupees in loans from 14 banks over 10 years; infrastructure firm defrauds 9-bank consortium of 13.94 billion rupees.

Payments & Settlements

Thailand Banks on Blockchain

By Manesh Samtani | 22/03/2018

Central bank plans adoption of blockchain for interbank settlements, bond issuance; leading banks launch joint initiative on blockchain based letters of credit.

Anti-Money Laundering

HK, India Sign Tax Pact

By Editors | 22/03/2018

Hong Kong investors will pay half the normal withholding tax rate on the interest earned on their investments in India.

Anti-Money Laundering

New Zealand: $970mn Laundered Each Year

By Editors | 21/03/2018

Key facilitators for money laundering include shell companies and trusts, alternative banking platforms, trade based activities, real estate, casinos.

Anti-Money Laundering

S.Korea Tax Authority Fines Brokers for ‘Borrowed Name’ Accounts

By Editors | 21/03/2018

Brokerages penalised for Samsung chief’s borrowed-name accounts will seek to recover money from the electronics giant.

KYC & CDD

Indonesian State-owned Lender to Introduce Biometric Security

By Editors | 21/03/2018

System, which is awaiting approval from financial service authority, will require either fingerprint or retina scanning.

Market Abuse

Japan Introduces AI Market Surveillance

By Samuel Riding | 21/03/2018

System from Hitachi and NEC will identify potential unfair trading, but humans will still be relied on to interpret data.

Anti-Money Laundering

MAS Fines StanChart Units $4.9mn for AML/CTF Breaches

By Editors | 20/03/2018

The bank’s Singapore branch and trust unit failed to adequately assess and mitigate risks that clients were trying to avoid CRS reporting obligations.