Financial Crime

Fraud, Scams & Cybercrime

RBI Updates Fraud Risk Management Rules for Regulated Entities

By Ajoy K Das | 16/07/2024

The revised master directions mandate the establishment of data analytics and market intelligence units within REs to strengthen fraud risk management systems.

Cryptocurrency

FSC Korea Issues Regulations for New Virtual Assets Law

By Manesh Samtani | 16/07/2024

The regulations specify how the virtual asset market will be supervised and illegal activities will be investigated. The new law takes effect on Friday.

Credit Risk

FSS Korea Launches Bank Inspections to Assess Lending

By Editors | 16/07/2024

The FSS will assess whether banks are managing loans appropriately and complying with the DSR limits and other regulations.

Emerging Prudential Risks

China’s Liaoning Province Merging 36 Banks Into One Institution

By Manesh Samtani | 15/07/2024

Liaoning Rural Commercial Bank is absorbing 25 rural commercial banks and 11 village banks as part of a central government plan to reform the rural credit system in China.

Anti-Bribery & Corruption

Former China Taiping Official Pleads Guilty on Bribery Charges

By Editors | 15/07/2024

Xiao Xing took CNY 81 million in bribes over more than 25 years while serving as a senior government official and as a senior executive at two state-owned insurers.

PEPs & Sanctions

Canada Issues Draft Amendments to AML/CFT Regulations

By Editors | 15/07/2024

The proposed amendments will require firms to report sanctioned property and suspected sanctions evasion offences, among other changes.

PEPs & Sanctions

Japan Makes First Arrest for Russia Export Control Violation

By Editors | 15/07/2024

A Russian national operating a trading company in Osaka was arrested for illegally exporting restricted goods to Russia via South Korea.

PEPs & Sanctions

Expert Calls for International Sanctions on Myanmar Central Bank

By Editors | 15/07/2024

Sean Turnell says sanctioning the CBM would effectively embargo Myanmar’s entire banking system and limit the SAC’s ability to oppress the Myanmar people.

PEPs & Sanctions

Czech Republic Convicts Local Resident for Sanctions Violation

By Editors | 15/07/2024

A Czech national of Russian origin tried to export three luxury cars to Russia, which has been prohibited since March 2022.