Financial Crime

PEPs & Sanctions

US Sanctions Companies Across Asia for Procuring Parts for Iranian UAVs

By Editors | 20/12/2023

OFAC sanctions targets in Hong Kong, Indonesia, and Malaysia as DOJ indicts Iranian and Chinese nationals.

Market Abuse

BSEC Sets New Deadline for Insider Trading Guidelines

By Ajoy K Das | 20/12/2023

The regulator had set a deadline but most listed companies failed to comply by the deadline seven months ago.

Fraud, Scams & Cybercrime

INTERPOL: $300m in Assets Seized in Latest HAECHI Operation

By Mark Johnston | 20/12/2023

The latest HAECHI operation resulted in nearly 3,500 arrests and the blocking of over 82,000 bank accounts linked to cyber-enabled scams.

Anti-Money Laundering

MAS Boosts Due Diligence Checks for SFO Tax Incentive Applicants

By Ranamita Chakraborty | 20/12/2023

To combat money laundering risks, MAS plans to deploy a panel of “specialised firms” to scrutinise individuals and entities associated with SFOs.

Anti-Bribery & Corruption

HK ICAC Charges Two in Bribery Case Involving ICBC Unit

By Editors | 20/12/2023

A shipping consultancy director bribed a former executive of ICBC Financial Leasing to secure a consultancy contract for an iron ore shipping project.

Fraud, Scams & Cybercrime

Taiwan: Cathay United Bank Fined Over Misappropriated Client Funds

By Editors | 20/12/2023

Two employees were involved in the misconduct. The bank was fined and is being required to increase its operational risk capital.

Anti-Money Laundering

Japan FSA Issues AML/CFT Guidelines for CPAs, Auditors

By Mark Johnston | 19/12/2023

The guidelines require CPAs to verify client identities, keep 7 years of transaction records, provide AML/CFT training to staff, and report suspicious transactions.

DeFi & Web3

IOSCO Finalises Policy Recommendations for DeFi

By Manesh Samtani | 19/12/2023

The policy recommendations for DeFi are intended to be complementary to and interoperable with IOSCO’s policy recommendations for crypto and digital assets markets.

KYC & CDD

SEBI Simplifies Rules for Obtaining ‘Accredited Investor’ Status

By Ajoy K Das | 19/12/2023

Certain documentary requirements are removed, certification will be granted based solely on KYC and financial information, and the validity period is lengthened.