Financial Crime

Anti-Money Laundering

India Expands Scope of Financial Services Offered in GIFT City

By Ajoy K Das | 24/01/2024

Ministry of finance notifies book-keeping, accounting, taxation and financial crime compliance as services that can be offered in IFSC

Tokenisation

BIS Focuses on Tokenisation, CBDCs, Green Finance Projects This Year

By Ranamita Chakraborty | 24/01/2024

BIS is ensuring “technology serves economically meaningful activities” as it advances its CBDC project and initiates a blockchain-based tokenisation project.

Cybersecurity

US SEC Confirms “SIM Swap” Attack as Cause of Social Media Hack

By Editors | 24/01/2024

The SEC said an employee’s phone was targeted in a “SIM swap” attack through the agency’s telecom carrier, after multifactor authentication was left disabled since last July.

Fraud, Scams & Cybercrime

HKMA Proposes to Extend FINEST to Personal Account Data

By Sanday Chongo Kabange | 24/01/2024

The HKMA is seeking to extend FINEST, a bank-to-bank information sharing platform launched in June, to allow sharing of personal account information.

Structural Regulation

Hong Kong SFC Outlines Strategic Priorities for 2024-2026

By Sanday Chongo Kabange | 24/01/2024

The SFC will explore potential connect initiatives with other markets, embrace tokenisation of traditional products, and introduce AI in its workflows.

Fraud, Scams & Cybercrime

US, UK Join Australia in Sanctioning Russian Cyber Attacker

By Mark Johnston | 24/01/2024

The US and UK took action “in solidarity with Australia” because of the similar risk Aleksandr Ermakov presents to both countries.

Capital Adequacy

Taiwan Loosens Rules for Cash Dividend Payouts by FHCs

By Mark Johnston | 24/01/2024

Financial holding companies can use their statutory surplus reserves or capital reserves to pay cash dividends, subject to meeting certain requirements.

Anti-Money Laundering

Australia Scraps Golden Visa Programme in Immigration Overhaul

By Editors | 24/01/2024

The programme is being scrapped after the government found it was “delivering poor economic outcomes” and had failed to meet its core objectives.

Fraud, Scams & Cybercrime

SFC to Review Brokers’ Internal Controls Next Month

By Sanday Chongo Kabange | 24/01/2024

The circularisation exercise and internal control review will help to identify potential misconduct such as misappropriation of client assets.