Financial Crime

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    Anti-Money Laundering

    FATF Plenary Adds Four Countries, Removes One from Grey List

    By Manesh Samtani | 27/10/2024

    The FATF also revised its national ML risk assessment guidance, agreed to consult on revisions to support financial inclusion, and launched three new projects.

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    KYC & CDD

    BNM Fines MSB Licensee for Circumventing CDD Process

    By Mark Johnston | 27/10/2024

    BSB Darussalam personnel deliberately split transactions into amounts below MYR 3,000 to avoid CDD requirements.

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    Cybersecurity

    HKMA Finalises Revisions to E-Banking Risk Management Guideline

    By Manesh Samtani | 27/10/2024

    The revisions incorporate requirements set out in various supervisory documents issued last year to address fraud risk.

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    Supervision & Enforcement

    Taiwan FSC to Ease On-site Inspection Process – Report

    By Nithya Subramanian | 27/10/2024

    Banks and insurers have criticised the existing inspection process, saying it leads to inconsistencies in enforcement, contradictory orders, and delays of business activities.

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    Market Abuse

    US Court Fines Chinese Citizen for Fictitious Sales Scheme

    By Mark Johnston | 27/10/2024

    Yueyu Bao was fined and banned for orchestrating a series of non-competitive, fictitious trades with his cousin on the Chicago Board of Trade.

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    Payments & Settlements

    BRICS Nations Agree to Continue Working on Cross-Border Payments

    By Manesh Samtani | 27/10/2024

    Russia has proposed an alternative platform for international payments, but few practical steps have been taken so far towards implementation.

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    Fraud, Scams & Cybercrime

    Australia to Create Streamlined Process for Scam Victims to Seek Redress

    By Mark Johnston | 25/10/2024

    AFCA will operate an external dispute resolution scheme for scam victims to seek compensation from banks, telcos and digital platforms.

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    PEPs & Sanctions

    DOJ Can Prosecute State-Owned Turkish Bank, Court Rules

    By Editors | 25/10/2024

    Halkbank was accused in 2019 of helping Iran to evade US sanctions, but the possibility of legal immunity surrounding the case has been ongoing until now.

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    Fraud, Scams & Cybercrime

    Singapore to Launch Scam Loss Sharing Framework in December

    By Nithya Subramanian | 25/10/2024

    FIs have five duties under the framework, including a newly added requirement to implement real-time fraud surveillance.

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    Conduct, Culture & Accountability

    ASIC Sues Australia’s Largest Insurer for Overcharging Premiums

    By Thisanka Siripala | 25/10/2024

    QBE Insurance promised certain discounts on premiums that were not properly applied, leading to higher-than-expected premiums for many policyholders.

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