Financial Crime

KYC & CDD

Registration with Financial Information System Compulsory – Indonesia Regulator

By Editors | 11/01/2018

Move will require all financial services firms operating in the country to provide customers identification and tax details to the regulator by 2022.

Cryptocurrency

Korea, China, Japan Join Hands on Cryptocurrency Regulation

By Manesh Samtani | 10/01/2018

Korea carries out bank inspections, China power cut on Bitcoin miners, Japan scrutinises banks’ cryptocurrency activities.

Anti-Money Laundering

Singapore to Enforce AML/CTF Rules on Cryptocurrency Intermediaries

By Garima Chitkara | 10/01/2018

Deputy prime minister says no major AML lapses have been found at Singapore banks when asked about ‘Russian Laundromat’ probe.

Operational Risk

Japan Regulator to Overhaul Supervision and Restructure

By Samuel Riding | 08/01/2018

FSA’s move towards ‘dynamic supervision’ includes scrapping inspection manuals, restructuring governance, internal structure and HR policy.

Cryptocurrency

No Ban on Cryptocurrency, says Malaysia Finance Minister

By Manesh Samtani | 05/01/2018

Exchanges to be recognised by central bank once regulations are in place; draft guidelines on reporting obligations to come into force early 2018.

Anti-Money Laundering

China Further Restricts Overseas Cash Withdrawals

By Garima Chitkara | 02/01/2018

New rules effective from January 1st restrict individuals withdrawing a maximum of RMB 100,000 per year regardless of the number of separate bank accounts or ATM cards.

Cryptocurrency

Korea Clamps Down on Cryptocurrency Speculation

By Manesh Samtani | 02/01/2018

Traders can only use real names to open cyptocurrency accounts, must be authenticated by banks under state regulatory jurisdiction.

Conduct, Culture & Accountability

HK SFC Releases 1st MiC Regime Guidance Bulletin

By Editors | 20/12/2017

Report warns on conflicts of interest in sales practices and asset management; notes asset management sector now has more than half of all intermediaries.

Anti-Money Laundering

Singapore Issues 7th, 8th Bans Related to 1MDB Probe

By Editors | 20/12/2017

Yeo Jiawei, a former BSI wealth manager, gets lifetime ban to add to his convictions for 1MDB related money laundering, cheating and witness tampering.