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Conduct, Culture & Accountability
Australian Bank Conduct Code to be Compulsory
By Editors | 28/03/2018
Code being considered by ASIC will be binding, with self-regulatory body given power to investigate misdemeanours and issue sanctions.
Resolution & Recovery
Vietnam Establishes Early Intervention Mechanism for Ailing Banks
By Editors | 26/03/2018
New mechanism provides guidelines for SBV directors to take action as a credit institution profile weakens to contain risk.
Anti-Money Laundering
S.Korea to Inspect Banks’ Crypto Dealings for AML Compliance
By Manesh Samtani | 26/03/2018
FSS and KoFIU will check on implementation progress of AML guidelines; examine corporate accounts belonging to crypto exchanges.
Structural Regulation
Guo Shuqing to Head China Super Regulator
By Samuel Riding | 26/03/2018
Senior party official will take responsibility for merged banking, insurance regulator, as predicted by Regulation Asia last February.
Fraud, Scams & Cybercrime
UPDATED – Indian Banks Fall Victim to $342mn in Loan Frauds
By Editors | 23/03/2018
Jewellery chain falsified financial records to obtain 8.24 billion rupees in loans from 14 banks over 10 years; infrastructure firm defrauds 9-bank consortium of 13.94 billion rupees.
Payments & Settlements
Thailand Banks on Blockchain
By Manesh Samtani | 22/03/2018
Central bank plans adoption of blockchain for interbank settlements, bond issuance; leading banks launch joint initiative on blockchain based letters of credit.
Anti-Money Laundering
HK, India Sign Tax Pact
By Editors | 22/03/2018
Hong Kong investors will pay half the normal withholding tax rate on the interest earned on their investments in India.
Anti-Money Laundering
New Zealand: $970mn Laundered Each Year
By Editors | 21/03/2018
Key facilitators for money laundering include shell companies and trusts, alternative banking platforms, trade based activities, real estate, casinos.
Anti-Money Laundering
S.Korea Tax Authority Fines Brokers for ‘Borrowed Name’ Accounts
By Editors | 21/03/2018
Brokerages penalised for Samsung chief’s borrowed-name accounts will seek to recover money from the electronics giant.
KYC & CDD
Indonesian State-owned Lender to Introduce Biometric Security
By Editors | 21/03/2018
System, which is awaiting approval from financial service authority, will require either fingerprint or retina scanning.
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