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Fraud, Scams & Cybercrime
Vietnam Investigating $660mn Cryptocurrency Fraud
By Samuel Riding | 16/04/2018
Central bank concerned up to 32,000 people have been defrauded; Prime Minister urges regulators to ‘toughen management’ of cryptocurrency activity.
KYC & CDD
Outsourcing Compliance and Cybersecurity is Increasingly Risky Business
By Peter Guy | 16/04/2018
Recent FCA case highlights cost of mismanaged outsourcing. Potential IT problems are brewing for private equity GPs too as big deals systemically overlap banking system.
Trading & Investment
SFC Eying Rules on Instant Message Trade Orders
By Samuel Riding | 16/04/2018
Executive director also says regulator to develop common standard on the content and format of data required to be kept by investment firms.
Anti-Bribery & Corruption
S.Korea Launches Bribery Probe into New FSS Chief
By Manesh Samtani | 15/04/2018
Prosecutors on Friday raided KRX and Woori Bank, two of the institutions that allegedly paid for Kim Ki-sik’s 2014 an 2015 overseas trips.
Credit Risk
RBI Fines IDBI Bank for Bad Loan Provisioning Failures
By Garima Chitkara | 13/04/2018
RBI fines state-owned lender IDBI Bank INR30 million for non-compliance with bad loan recognition and provisioning norms; ruling will not have a material impact on the bank, said IDBI.
Credit Risk
Sri Lanka Makes Credit Ratings Compulsory for Finance Companies
By Editors | 13/04/2018
Licensed finance companies are required to enter into agreement with reputed credit agencies to obtain ratings by 30 April.
Emerging Prudential Risks
China to Introduce National Financial Database in Fight Against Systemic Risk
By Garima Chitkara | 12/04/2018
China looking to build a national database of financial products and institutions in order to improve monitoring and supervision and fend off systemic financial risk.
Fraud, Scams & Cybercrime
Taiwan Regulator Censures 54 Managers at State Owned Banks
By Editors | 12/04/2018
Taiwan FSC censured and demoted 54 managers at seven state banks for their involvement in a $679mn syndicated loan-fraud scandal.
KYC & CDD
India Issues New Beneficial Ownership, KYC Norms for Foreign Investors
By Garima Chitkara | 12/04/2018
Indian securities regulator specifies a narrow definition and identification of beneficial ownership for foreign investors into India and establishes new KYC norms.
Anti-Money Laundering
S.Korea Probes Banks’ Cryptocurrency AML Polices
By Editors | 12/04/2018
Financial Services Commission to conduct on-site expectations of three banks with cryptocurrency account relationships.
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