Financial Crime

Anti-Money Laundering

MAS Extends Suspension on “Non-Specified Channels” for China Remittances

By Ranamita Chakraborty | 30/03/2024

Since the initial suspension in December, MAS has not received reports of remittances to China being frozen.

Market Abuse

UK Court Dismisses Appeals Against Rate Rigging Convictions

By Editors | 30/03/2024

Two former bankers including Tom Hayes had their appeals rejected in the UK, despite the Hayes case being dismissed in the US in 2022.

Cryptocurrency

Taiwan Approves Establishment of Local Crypto Industry Association

By Mark Johnston | 29/03/2024

The association will be responsible for formulating industry norms, advocating compliant operations, and improving industry self-discipline.

Structural Regulation

China Starts Shutting Down Local Financial Asset Exchanges

By Editors | 29/03/2024

Local financial asset exchanges in Hunan, Liaoning, Xi’an and Chongqing have been closed, with regulators in other provinces and cities planning to do the same.

Market Abuse

SFC Refers Ding Yi Feng Case to Misconduct Tribunal

By Sanday Chongo Kabange | 29/03/2024

The new proceedings are in addition to separate court action that seeks to restore counterparties affected by alleged manipulation of Ding Yi Feng shares.

Anti-Money Laundering

FATF Re-rates Australia on Six Recommendations

By Mark Johnston | 29/03/2024

Australia was upgraded on five recommendations and downgraded on R.15 due to the limited scope of its regulatory regime for VASPs.

PEPs & Sanctions

US, UK Announce New Sanctions Targeting Hamas Financing

By Editors | 29/03/2024

Two individuals and three entities were sanctioned by the US and UK for engaging in fundraising efforts to support Hamas.

Supervision & Enforcement

Wolfsberg Group Addresses Role of Internal Audit Function

By Editors | 29/03/2024

The Group offers a set of principles as guidance for the IA function to promote effective financial crime risk management within FIs.

PEPs & Sanctions

US and South Korea Jointly Announce New DPRK Sanctions

By Editors | 29/03/2024

The US and South Korea also launched a new task force that will work to disrupt North Korean refined oil procurement networks.