Financial Crime

Anti-Money Laundering

HKMA Fines SVF Licensee TNG for AML Compliance Failures

By Sanday Chongo Kabange | 19/12/2023

The HKMA said TNG had no audit trail from MLRO reviews and did not take appropriate steps to assess whether STRs should be filed.

Market Abuse

Korea FSS Identifies Misconduct by Nine Securities Firms

By Editors | 19/12/2023

The securities firms and up to 30 managers were involved in selling investment assets amongst themselves to shift losses between customer accounts.

Payments & Settlements

China Issues New Rules for Non-bank Payment Institutions

By Manesh Samtani | 19/12/2023

Regulators are imposing stricter licensing, business management, risk management and user protection rules on non-bank payment institutions.

Payments & Settlements

MAS Suspends Non-Bank, Non-Card Channels for China Remittances

By Editors | 19/12/2023

The move is a response to reports that remittances to China made by individuals in Singapore have been subsequently frozen by mainland law enforcement agencies.

PEPs & Sanctions

EU Publishes Details of Latest Russia Sanctions Package

By Editors | 18/12/2023

EU adds 147 names to asset freeze list and bans diamond imports in its 12th round of sanctions against Russia since February 2022.

PEPs & Sanctions

Japan to Ban Russian Diamonds in Latest Round of Sanctions

By Editors | 18/12/2023

Japan imposes new round of asset freeze and trade restrictions against Russia, including ban on importing non-industrial diamonds.

Cryptocurrency

Korea Showing Leadership on Crypto Assets, Says IMF Head

By Mark Johnston | 18/12/2023

Korea is showing leadership by amending its AML law and setting up new legislation on crypto assets, said the IMF’s Kristalina Georgieva.

Conduct, Culture & Accountability

MAS’ Tighter Hiring Norms to Result in Better Compliance

By Nithya Subramanian | 18/12/2023

The updated guidelines for senior appointments in CMS licensed firms will improve corporate governance and ensure better board accountability.

PEPs & Sanctions

UK Introduces New Legislation to Expand Russia Sanctions

By Editors | 18/12/2023

The package targets exports of military goods to Russia and the import of Russian metals. New reporting obligations also introduced to improve sanctions compliance.