Financial Crime

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    Structural Regulation

    Chinese State-Owned FIs Instructed to Drop PwC – Report

    By Editors | 07/08/2024

    BOC, China Life Insurance, and PICC are among more than 30 listed Chinese companies that have dropped PwC as their auditor this year.

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    Fraud, Scams & Cybercrime

    Indonesia to ‘Soft Launch’ Anti-Scam Centre This Month

    By Manesh Samtani | 07/08/2024

    In the initial stage, 15 banks will join the anti-scam centre directly, but in due course all banks in Indonesia will be required to participate.

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    Fraud, Scams & Cybercrime

    Malaysia SC Fines Fund Consultant for Breaching Securities Laws

    By Sanday Chongo Kabange | 06/08/2024

    The former Kenanga Investors Berhad consultant misappropriated investor funds and provided falsified statements of accounts.

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    Cryptocurrency

    India Demands $86m in Back Taxes from Crypto Giant Binance

    By Ajoy K Das | 06/08/2024

    Binance is said to have earned more than $476mn in transaction fees from Indian customers between July 2017 and March 2024.

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    KYC & CDD

    MAS to Require Family Offices to Undergo Screening Process

    By Ranamita Chakraborty | 06/08/2024

    From 1st October, Singapore-based family offices must complete a screening process with approved providers to qualify for tax incentives.

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    Market Abuse

    Evergrande Seeking to Recover $6bn from Former Executives

    By Manesh Samtani | 06/08/2024

    The lawsuit, which includes founder Hui Ka Yan as a defendant, was filed in March but only now revealed after a confidentiality order was lifted.

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    Anti-Money Laundering

    Hong Kong’s Insurance Authority Fines AIA for AML Lapses

    By Sanday Chongo Kabange | 06/08/2024

    The IA fined AIA’s Hong Kong branch after an inspection identified shortfalls in its AML controls and processes.

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    Anti-Money Laundering

    HK Court Convicts Ex-Sunway Employee for Money Laundering

    By Sanday Chongo Kabange | 06/08/2024

    The former PA helped his boss to launder HK$125mn that was unlawfully obtained through loans from HK-listed Sunway Intl Hldgs.

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    Operational Risk

    APRA Removes NM Super’s Additional Licence Conditions

    By Sanday Chongo Kabange | 06/08/2024

    The additional licence conditions were imposed by APRA in 2019 over governance and risk management concerns.

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    Anti-Bribery & Corruption

    Switzerland Announces $152mn Penalty Order Against Glencore

    By Editors | 06/08/2024

    The penalty order resolves a four-year criminal investigation into Glencore by Swiss and Dutch authorities.

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