Financial Crime

Anti-Bribery & Corruption

China Targets Regulatory, Banking Officials in New Corruption Probes

By Mark Johnston | 26/06/2024

Among the new targets are former officials from the CSRC, NFRA, Agricultural Bank of China, ICBC and Citi Group.

Fraud, Scams & Cybercrime

$137m Embezzled from Korean FIs from 2018-2023: FSS

By Nithya Subramanian | 26/06/2024

Less than 10% of the embezzled funds have been recovered to date. Meanwhile, the FSS has expanded its inspection team handling Woori’s latest embezzlement case.

Market Abuse

Japan FSA Orders MUFG Units to Correct Control Deficiencies

By Mark Johnston | 26/06/2024

The MUFG units breached Japan’s “firewall” regulations by sharing non-public client information without authorisation, the FSA said.

Fraud, Scams & Cybercrime

New Industry Anti-fraud Platfom in Taiwan Yields Results: FSC

By Mark Johnston | 25/06/2024

The platform, established to prevent unathorised bank transfers, identified 136 suspicious accounts in the first month of operation.

KYC & CDD

BSP Issues New Guidance on Beneficial Ownership Due Diligence

By Sanday Chongo Kabange | 25/06/2024

The paper is intended to help FIs in benchmarking best practices and calibrating their policies, systems, processes and controls.

PEPs & Sanctions

EU Imposes New Cyber Sanctions Against Six Russian Actors

By Editors | 25/06/2024

The sanctions target two ‘Callisto group’ members, two ‘Armageddon hacker group’ members, and two others involved in deploying ‘Conti’ and ‘Trickbot’ malware.

Fraud, Scams & Cybercrime

HKMA Issues Guidance for Banks on Handling ‘Bogus’ Calls

By Sanday Chongo Kabange | 25/06/2024

The HKMA has directed banks to review and step up measures to protect consumers from “bogus” telephone calls purporting to be from banks.

Trading & Investment

Nasdaq Scrutinising IPO Applicants from China, Hong Kong

By Mark Johnston | 25/06/2024

Nasdaq officials have reportedly been inquiring into the identities and independence of pre-IPO investors of Chinese and Hong Kong companies seeking to list in the US.

PEPs & Sanctions

EU Council Formally Adopts 14th Russia Sanctions Package

By Editors | 25/06/2024

The measures target Russia’s LNG sector, sanctions circumvention, the finance sector, Russian disinformation, dual-use goods, and 27 “shadow fleet” vessels.