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Financial Crime
Anti-Money Laundering
UK Gov, Banks Disagree on Suspended Accounts Scheme
By Editors | 21/03/2024
The scheme would allow banks to transfer funds that have been suspended due to criminal suspicions to the government to finance its efforts to crack down on financial crime.
PEPs & Sanctions
OFAC Targets Procurement Networks Used for Iran Weapons Programmes
By Editors | 21/03/2024
The sanctions target 5 individuals and 10 companies they own or use to facilitate procurements for Iran’s nuclear and other military weapons programmes.
PEPs & Sanctions
OFAC Issues New Russia Sanctions Over ‘Malign Influence Efforts’
By Editors | 20/03/2024
Two individuals and their companies were sanctioned for creating fake websites designed to impersonate government bodies and media outlets with intent to deceive.
Market Abuse
S. Korea Sees First Securities Class Action Related to an IPO
By Editors | 20/03/2024
The class action is against semiconductor company FADU and its underwriters, NH Investment & Securities and Korea Investment & Securities.
Credit Risk
BOT to Randomly Inspect Banks to Assess Debt Restructuring Efforts
By Editors | 20/03/2024
The inspections will be used to ensure lenders are offering reasonable and realistic debt solutions to customers, in line with guidelines issued at the start of the year.
Cryptocurrency
Korea’s Cabinet Passes Amendment to Enhance VASP Oversight
By Mark Johnston | 20/03/2024
Banks that can open real-name accounts for VASPs will also have new obligations on governance, personnel and physical facilities.
Cryptocurrency
US SEC Secures $21m Settlement from Crypto Lender Genesis
By Editors | 20/03/2024
Genesis will only have to pay the civil penalty after all allowed claims in its bankruptcy are settled, including claims by Gemini Earn investors.
Alternative Markets
SEBI Approves Proposal to Allow AIFs to Pledge Equity Shares
By Ajoy K Das | 20/03/2024
SEBI also approved a proposal to require AIFs to carry out specific due diligence of their investors and investments, to enhance trust in the AIF system.
KYC & CDD
PBOC Revises Complaints Handling Procedures for Credit Reporting
By Editors | 20/03/2024
The revised procedures will improve convenience for complainants, reduce the cost of complaints, and help consumers safeguard their credit rights, the PBOC said.
Data Privacy
ECB, EBA Form Joint Committee to Streamline Bank Reporting
By Mark Johnston | 19/03/2024
The committee will create a common data dictionary, which will standardise concepts and definitions across new and existing reports.
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