Financial Crime

Anti-Money Laundering

Hong Kong Includes Non-Financial Entities in AML/CTF Amendments

By Garima Chitkara | 08/02/2018

Hong Kong AML/CTF rules will apply to financial transactions by non-financial entities; SFC requires licensees to screen client lists.

Anti-Bribery & Corruption

Korean Banks Face Claims of Corrupt Recruitment

By Editors | 07/02/2018

FSS says banks kept list of officials and former officials whose family members should be favoured in recruitment processes.

Anti-Bribery & Corruption

China’s People’s Daily Attacks Regulators on Conflicts of Interest

By Editors | 07/02/2018

Official Communist Party newspaper says regulators should be barred from taking jobs at firms they have supervised in the past.

Cryptocurrency

China Blocks Domestic Investors from Accessing Cryptocurrency Overseas

By Manesh Samtani | 06/02/2018

Access to foreign websites related to cryptocurrency restricted; search engine and social media advertisements purged.

Fraud, Scams & Cybercrime

Citibank Taiwan Fined for ex-Financial Planner’s Misconduct

By Samuel Riding | 05/02/2018

Bank reported financial adviser to regulator and dismissed them after uncovering misconduct involving more than $3mn.

Fraud, Scams & Cybercrime

China Fines 19 Bank Branches for $3bn Pledged Loan Fraud

By Garima Chitkara | 05/02/2018

CBRC cracked down on banks that provided loans against low-purity gold; the regulator expressed concerns on banks’ lending and collateral management norms.

Cryptocurrency

Cryptocurrency – You Can’t Kill an Idea

By Peter Guy | 05/02/2018

Once in a while capitalism must be rescued from the excesses of bankers and central banks. Governments can’t kill ideas, but it takes them a long time for them to concede or adapt.

Credit Risk

China Increases Scrutiny on Shanghai Real Estate Loans

By Garima Chitkara | 02/02/2018

The CBRC is cracking down on misappropriation of real estate funds and speculation in the land market.

Conduct, Culture & Accountability

China’s Vicious Cycle – Household Debt, Mis-selling and Systemic Risk

By Bradley Maclean | 01/02/2018

Increased regulation in an effort to rein in personal borrowing could foster an attitude of ‘bare minimum compliance’ among banks, leading to future systemic risk.