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Financial Crime
Conduct, Culture & Accountability
Korea Enhances Executive Accountability for Internal Control Failures
By Manesh Samtani | 11/12/2023
Similar to the UK regime, financial firms will have to document the responsibilities of their executives, who would face disciplinary action if they fail to fulfill their duties.
Conduct, Culture & Accountability
Australia to Simplify, Enhance Financial Advice Rules
By Mark Johnston | 11/12/2023
The reforms aim to make financial advice more accessible, affordable and safe for consumers.
PEPs & Sanctions
US, UK, Canada Announce Coordinated Human Rights Sanctions
By Editors | 11/12/2023
The US targeted individuals across nine countries; the UK sanctions included targets involved in forced ‘scam farm’ labour in Cambodia, Laos and Myanmar.
PEPs & Sanctions
OFAC Announces Settlement with Nasdaq for Sanctions Violations
By Editors | 10/12/2023
Nasdaq’s Armenian subsidiary committed 151 apparent violations of sanctions on Iran before the violations were self-reported in 2014.
CBDCs
Solomon Islands Central Bank Starts Testing CBDC
By Editors | 08/12/2023
The central bank is testing the CBDC for retail transactions, P2P transfers, interbank transactions, and cross-border payments.
Anti-Money Laundering
Indonesia, UAE Central Banks Agree to Expand Cooperation
By Editors | 08/12/2023
BI and CBUAE will strengthen cooperation in areas including monetary policy, financial stability, payments, AML/CFT, and Islamic finance.
PEPs & Sanctions
US and UK Sanction Russians Tied to Election Hacking
By Editors | 08/12/2023
The individuals are accused of targeting UK politicians and think tanks, among others, in a long-running spear-phishing campaign on behalf of Russia’s Federal Security Service.
Anti-Money Laundering
US Authorities Secure Guilty Plea from Crypto Founder
By Editors | 07/12/2023
Anatoly Legkodymov pleaded guilty to operating Hong Kong-registered Bitzlato as a money transmitting business that allowed criminals to launder illicit proceeds.
Trading & Investment
Korea FSS Prepares for Fallout from Derivatives Losses
By Editors | 07/12/2023
Banks and brokers are expected to have to compensate investors for losses on HSCEI-linked derivatives when the products mature next year.
Credit Risk
IA, HKMA Start New Inspections on Use of Premium Financing
By Sanday Chongo Kabange | 07/12/2023
The IA and HKMA will assess compliance with new standards on the use of premium financing for life policies.
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