Financial Crime

Conduct, Culture & Accountability

Korean Banks Start Compensating Investors for HSCEI-Linked Losses

By Editors | 03/04/2024

KB Kookmin, Shinhan, Woori, Hana, NH NongHyup, StanChart, and Citibank all agreed to follow compensation guidelines issued by the FSS last month.

KYC & CDD

FinCEN Considers Changes to CIP Rule to Modernise AML/CFT Regime

By Sanday Chongo Kabange | 02/04/2024

FinCEN is considering changes to requirements for banks to collect a full Social Security number from customers during onboarding.

Cryptocurrency

New Requirements Commencing for Crypto Firms in Singapore

By Manesh Samtani | 02/04/2024

The amendments take effect in stages from 4 April 2024, with transitional arrangements for firms currently conducting activities under the expanded scope of the Payment Services Act.

PEPs & Sanctions

Russia Using Tether Stablecoin to Circumvent Sanctions – Report

By Editors | 02/04/2024

One China-based smuggler used a Hong Kong distributor, shipments via Central Asia, and Tether for payments to fulfill Russian orders for drone parts.

KYC & CDD

Malaysia Launches Electronic Beneficial Ownership System

By Editors | 02/04/2024

The system is intended to help companies comply with their obligations to identify, obtain, record, update, and submit beneficial ownership information.

Credit Risk

Korea FSS to Launch Inspections at Troubled Credit Cooperative

By Editors | 02/04/2024

This will be the first time financial regulators are brought in to inspect MG Community Credit Cooperative, which is supervised by the Ministry of the Interior and Safety.

Anti-Money Laundering

MAS Proposes to Require Market Operators to Conduct AML/CFT Checks

By Nithya Subramanian | 01/04/2024

The checks would have to be performed on non-FI market participants that trade directly on organised markets without going through capital market intermediaries.

Anti-Money Laundering

AMLC Names and Shames DNFBPs That Have Failed to Register

By Sanday Chongo Kabange | 01/04/2024

The AMLC named one real estate developer and ten jewelry dealers that have failed to comply with their registration obligations.

Fraud, Scams & Cybercrime

HK Court Jails Former AXA Agents for Fraud, Money Laundering

By Sanday Chongo Kabange | 01/04/2024

The three former AXA insurance agents were sentenced for defrauding AXA of commissions and bonuses and for laundering the proceeds.