Financial Crime

Anti-Money Laundering

GCFFC Offers Guidance on Using AI to Fight Financial Crime

By Manesh Samtani | 15/03/2024

The guidance describes how FIs are using AI to fight financial crime and identifies opportunities to improve AML/CFT effectiveness.

Cryptocurrency

SFC Issues Warning Against Crypto Products from Bybit

By Sanday Chongo Kabange | 15/03/2024

The warning refers to the Seychelles company Bybit Fintech Limited, and not the HK-incorporated Spark Fintech Limited, which has applied for an SFC licence.

Fraud, Scams & Cybercrime

RBI Seeks Information from Banks on Gold Loan Frauds

By Ajoy K Das | 15/03/2024

RBI asked banks to review their gold lending processes after some banks were found to have manipulated the system to meet gold loan targets.

Market Abuse

SEBI Flags Manipulation, Bubble Risks in SME Segment

By Ajoy K Das | 15/03/2024

SEBI is working to introduce more disclosures for SME listings and seeking stress test results from fund managers in the segment.

PEPs & Sanctions

OFAC Penalises Swiss Bank for Apparent Sanctions Violations

By Editors | 15/03/2024

OFAC said EFG International caused US firms to process 873 securities-related transactions on behalf of sanctioned individuals.

PEPs & Sanctions

US Extends Iran Sanctions Waiver Used by Iraq

By Editors | 14/03/2024

The waiver allows Iraq to pay Iran for electricity and natural gas imports into escrow accounts, where the funds can only be used for humanitarian supplies.

Credit Risk

Bangladesh Introduces Strict Measures Targeting Wilful Defaulters

By Ajoy K Das | 14/03/2024

Wilful defaulters will not be allowed to travel, secure trade licences, register companies, or serve as a director of any financial institution.

PEPs & Sanctions

EU Considers Sanctions Package Targeting Russia Facilitators

By Editors | 14/03/2024

The EU sanctions could target Belarus, North Korea, Iran and other third countries where entities enable Russian access to weapons and sensitive technology.

Anti-Money Laundering

Use of AI for AML Could Lower Effectiveness: Report

By Bradley Maclean | 14/03/2024

A new report from NICE Actimize and Regulation Asia sheds light on APAC’s use of technology to fight financial crime.