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Financial Crime
Conduct, Culture & Accountability
ASIC Tweaks Reportable Situations Regime to Reduce Industry Burden
By Mark Johnston | 20/10/2023
Certain breaches will no longer be automatically reportable if they meet certain criteria, like if they impact only one person or don’t cause any financial loss or damage.
Fraud, Scams & Cybercrime
ICAC Arrests Three in Joint Operation with SFC, AFRC
By Manesh Samtani | 20/10/2023
The case involves suspicions of corporate fraud, corruption, and a conspiracy between a ramp-and-dump syndicate and two listed companies.
Anti-Money Laundering
FATF to Scrutinise India’s Use of NGO Laws Amid Allegations of Misuse
By Editors | 20/10/2023
FATF officials are expected to visit India in November to identify whether India is using its laws to suppress NPOs and civil society groups.
Conduct, Culture & Accountability
MAS Bans Former AXA and Aviva Financial Advisers
By Editors | 20/10/2023
The former advisers were banned for allowing unlicensed individuals to perform financial advisory services on their behalf.
Anti-Money Laundering
KoFIU Calls on Financial Industry to Bolster AML Efforts
By Manesh Samtani | 20/10/2023
AML evaluations identified independent audit, customer verification, and manpower shortages as areas for improvement. More attention is also needed on virtual assets.
Anti-Money Laundering
FinCEN to Require FIs to Report Transactions Involving Crypto Mixers
By Editors | 19/10/2023
FIs would have to report information about transactions they know or suspect could involve crypto mixing, whether in the US or in another jurisdiction.
Resolution & Recovery
BIS General Manager Outlines Crisis Management Lessons from Bank Failures
By Mark Johnston | 19/10/2023
In a speech, Agustín Carstens reviewed the key features and outcomes of the interventions by the US and Swiss authorities to manage bank failures.
Supervision & Enforcement
Korean Banks Face Increasing Penalties in Foreign Jurisdictions – Report
By Mark Johnston | 19/10/2023
Korea’s four largest banks have seen a 180-fold increase in fines and penalties imposed by foreign authorities in the past three years.
Fraud, Scams & Cybercrime
Singapore Prosecutors Establish Technology and Crypto Crime Task Forces
By Editors | 19/10/2023
Singapore’s Attorney General’s Chambers has established a Technology Crime Task Force and Virtual Currency Task Force.
PEPs & Sanctions
US & Allies Reimpose Iran Sanctions Following UNSCR Expiry
By Manesh Samtani | 19/10/2023
A 2015 UN Security Council resolution targeting Iran’s ballistic missile, nuclear, and drone programmes has expired.
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