Financial Crime

Supervision & Enforcement

China Fines Three Banks a Combined CNY180 million

By Editors | 10/05/2018

China’s banking and insurance regulator has imposed fines on China Merchants Bank, Shanghai Pudong Development Bank and Industrial Bank for various violations.

Anti-Money Laundering

Hong Kong-based Regulatory Alliance Eyes Better Fintech Supervision

By Garima Chitkara | 10/05/2018

Asian regulators, former central bankers and government officials establish information exchange alliance to better regulate fintech, digital payments and cryptocurrency developments in the region.

Anti-Money Laundering

Australia to Combat ‘Black Economy’ by Restricting Cash Payments

By Garima Chitkara | 10/05/2018

Government to impose A$10,000 limit on cash payments to crack down on money laundering and tax evasion; new multi-agency taskforce to be established to facilitate information exchange.

Market Abuse

CBA Settles Bank Rate Manipulation Charges for A$25mn

By Editors | 10/05/2018

The bank acknowledges it manipulated bank bill swap rates on five occasions and indulged in “unconscionable conduct” in its A$25 million settlement with ASIC.

Anti-Money Laundering

ACAMS 2018: Rising to the Financial Crime Challenge

By Manesh Samtani | 09/05/2018

Recently in Hong Kong, ACAMS brought financial industry participants to discuss action to combat financial crime. Progress on regulation, advancements in technology and FIs’ willingness to do their part are making all the difference.

Cryptocurrency

Japan FSA Toughens Rules on Crypto Exchanges

By JP Reimann | 09/05/2018

New requirements include standards on system management, customer vetting, segregation of assets, removal of privacy coins, separation of duties.

Fraud, Scams & Cybercrime

CPMI Releases Strategy for Reducing Wholesale Payments Fraud

By JP Reimann | 09/05/2018

Central banks urge stakeholders to pursue adoption of common strategy to improve security of wholesale payments; will monitor progress to determine the need for further action.

Trading & Investment

Korea Joins Regional Peers in Adopting AI-based Market Surveillance

By JP Reimann | 08/05/2018

KRX launches new market surveillance system based on artificial intelligence; reduces time to secure data on suspicious transactions from 5 days to 1 hour.

Anti-Money Laundering

MAS Hits Former Credit Suisse Banker with Prohibition Orders

By Editors | 07/05/2018

Former representative deliberately concealed identity of beneficial owner on three accounts, making it difficult for the bank to monitor and detect suspicious transactions.