Financial Crime

Fraud, Scams & Cybercrime

Cambodia Warns Against Online Lending Firms

By Editors | 26/04/2018

Central bank says many online lending firms are not licensed, making the loans illegal.

Fraud, Scams & Cybercrime

Crackdown on Illegal Financing to Continue – PBOC

By JP Reimann | 26/04/2018

China’s central bank issued a warning on all illegal fundraising, including through financing intermediaries, online finance platforms, real estate, agriculture, ICOs.

KYC & CDD

RBI Updates KYC Guidance to Include Aadhar, Taxpayer Numbers

By Editors | 25/04/2018

Accounts opened without new documentary requirements will have severe restrictions in place including a INR50,000 maximum balance and monitoring to prevent foreign transactions.

Conduct, Culture & Accountability

FSB Publishes Toolkit on Combatting Misconduct

By Editors | 24/04/2018

Toolkit offers options on standards and codes of behavior, measures related to wholesale market conduct, guidance on compensation, and tools for strengthening governance.

Anti-Money Laundering

Sri Lanka Affirms Commitment to Preventing Financial Crime

By Editors | 23/04/2018

As the country looks to increase grass-roots access to finance, it will require greater engagement with the international financial community, requiring greater focus on preventing financial crime.

KYC & CDD

Banks Should Implement Wolfsberg KYC Initiative – MAS

By JP Reimann | 23/04/2018

MAS urges Singaporean banks to incorporate Wolfsberg due diligence questionnaire in risk assessment processes relating to correspondent banking relationships.

Anti-Money Laundering

Taiwan to Release AML Crypto Regulations This Year

By JP Reimann | 23/04/2018

Cryptocurrencies to be regulated under new AML rules before a bilateral AML evaluation by APG in November; banks ordered to label crypto exchange accounts as ‘high risk’.

Supervision & Enforcement

Australia Toughens Criminal, Civil Penalties for Misconduct

By Manesh Samtani | 22/04/2018

Criminal offences can result in 10 years imprisonment or $725,000 for individuals; or the larger of $7.25 million, 3 times the benefits, or 10% of annual turnover for companies.

Payments & Settlements

Ant Financial – A Disruptive Force for Regulators

By Peter Guy | 22/04/2018

Blurring the regulatory distinction between banking and financial technology creates both opportunity and pitfalls.