Financial Crime

PEPs & Sanctions

State Bank of Pakistan to Clarify Rules for Politically Exposed Persons

By Editors | 20/08/2015

Government officials have ordered the State Bank of Pakistan to stop commercial banks from misusing the term ‘politically exposed persons’ (PEPs) to deny financial services to citizens.

Credit Risk

Vietnam Banking Authorities Reject Arrest Rumours

By Editors | 19/08/2015

Officials at the State Bank of Vietnam have dismissed rumours that the chairman of top lender Eximbank had been arrested.

Structural Regulation

Indonesia Court Shoots Down Challenge to Banking Regulator’s Authority

By Editors | 14/08/2015

Indonesia’s constitutional court has rejected a judicial review filed by a group challenging the legal basis for the establishment of the Financial Services Authority (OJK), saying that the regulator did not violate the 1945 Constitution.

Market Abuse

Brokers Ask SEBI to Introduce Algorithmic Trading Controls

By Editors | 13/08/2015

Brokers have asked the Securities and Exchange Board of India to put in place a ‘risk layer’ framework to manage the interaction between participants and exchanges, in order to prevent stock manipulation by algorithmic traders.

Fraud, Scams & Cybercrime

HKMA Cautions Banks on Malpractice by Intermediaries and Sales Agents

By Editors | 10/08/2015

The Hong Kong Monetary Authority has issued a circular to banks requiring them to enhance customer protection and mitigate reputational risk arising from possible malpractices of intermediaries or sales agents.

Structural Regulation

China to Inspect Online Equity Crowdfunding Platforms

By Editors | 10/08/2015

The China Securities Regulatory Commission will soon begin inspecting online equity financing platforms to address risks brought by illegal activities and help the platforms better serve the real economy.

Anti-Money Laundering

India Seeks Transparency from Offshore Wealth Managers

By Editors | 10/08/2015

The Securities and Exchange Board of India has asked international wealth managers to register their offshore units with the regulator if they are soliciting business in India.

Cryptocurrency

Japan to Introduce Registration System for Virtual Currency Exchange Operators

By Editors | 07/08/2015

Japan’s Financial Services Agency is considering introducing regulations for trading bitcoins and other virtual currencies, possibly through a registration system for operators.

Payments & Settlements

PBOC Proposes Rules to Limit Internet Payments in China

By Editors | 05/08/2015

The draft rules will prevent users from transferring funds to other users’ bank accounts, cap the size of daily transactions and increase identification requirements.