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KYC & CDD
SBI Fined for Noncompliance with Counterfeit Currency Rules
By Editors | 08/03/2018
Central bank investigators found that State Bank of India had not complied with rules on detection and impounding of counterfeit notes.
Anti-Money Laundering
S. Korea Seeks Powers to Fine False-Name Bank Accounts
By Editors | 07/03/2018
Legislative reforms aimed at granting FSC powers to collect fines of over 50 percent of assets found in false-name bank accounts.
Credit Risk
RBI Fines Axis Bank $460,000 for Bad Loan Classification Failures
By Editors | 07/03/2018
Statutory inspection revealed gross NPAs higher than Axis Bank’s reported numbers; Indian Overseas Bank also fined for KYC failures.
Fraud, Scams & Cybercrime
Vietnam Banks Ordered to Improve Internal Security
By Editors | 07/03/2018
Central bank instructs commercial lenders to improve staff oversight, upgrade security technology and boost fraud-related information sharing.
Credit Risk
APRA Mulls Removal of Mortgage Lending Cap
By Editors | 06/03/2018
Removing the 10 percent growth cap would enable banks to increase mortgage lending, ease mortgage rates for investors and boost competition in the sector.
Conduct, Culture & Accountability
Profitability through Compliance Technology: Dreaming the Impossible Dream
By Peter Guy | 05/03/2018
Large technology investments to improve compliance performance have not yielded desired results almost ten years after the global financial crisis.
Cryptocurrency
Thailand Edges Closer to Cryptocurrency Regulation
By Manesh Samtani | 05/03/2018
Securities regulator to propose regulations for initial coin offerings and other forms of cryptocurrency investment.
Fraud, Scams & Cybercrime
Recent Fraud Prompts India Trade Finance Freeze
By Editors | 03/03/2018
RBI audit of bank liabilities forces freeze on new letters of credit; foreign lenders reluctant to accept guarantees from Indian banks.
KYC & CDD
SEBI Mulling Omnibus Accounts for Gift City
By Garima Chitkara | 03/03/2018
Omnibus accounts will allow bank clients to trade without undergoing standard KYC procedures and help boost trading from offshore participants.
KYC & CDD
Bangladesh Bank to Introduce e-KYC for Account Opening
By Editors | 02/03/2018
Electronic KYC will include digital forms and thumbprint verification; bank can access national identity card database for further verification.
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