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Financial Crime
KYC & CDD
RBI Revises KYC Guidelines to Reflect Recent AML Law Changes
By Sanday Chongo Kabange | 18/10/2023
The amendments cover beneficial owner identification, customer due diligence, information-sharing policies, and other areas.
PEPs & Sanctions
OFAC Sanctions Hamas Operatives, Financial Facilitators
By Editors | 18/10/2023
OFAC is targeting Hamas members managing a “secret” investment portfolio, a Qatar-based financial facilitator, and a Gaza-based crypto exchange.
Anti-Money Laundering
MAS to Commence Bank AML Inspections Within Weeks – Report
By Editors | 18/10/2023
The inspections will target banks whose clients were among those charged in Singapore’s S$2.8bn money laundering case.
PEPs & Sanctions
US Tightens Export Controls on Advanced Computing Chips
By Editors | 18/10/2023
The Commerce Department said changes are needed to maintain the effectiveness of the export controls imposed in October 2022 and close loopholes.
Cryptocurrency
ASIC Chair Stresses Need for Strong Regulation in Crypto
By Mark Johnston | 18/10/2023
ASIC chair Joe Longo was speaking hours after the launch of a new consultation paper on the future regulation of crypto service providers.
Supervision & Enforcement
RBI Imposes Record Penalty on ICICI Bank for Rule Violations
By Sanday Chongo Kabange | 18/10/2023
The penalty against ICICI Bank was more than all the combined penalties imposed by the RBI on private banks for fiscal year 2023.
Anti-Bribery & Corruption
Former Bank of China Chairman Arrested on Corruption Charges
By Editors | 18/10/2023
Former Bank of China chairman Liu Liange is one of the highest-ranking bankers to become entangled in China’s anti-corruption campaign.
Data Privacy
China Imposes Controls on Foreign Travel by State Employees – Report
By Mark Johnston | 18/10/2023
The restrictions, also imposed on bankers, are part of a campaign against foreign influence and the risks of espionage by foreign powers.
Cryptocurrency
US SEC Publishes 2024 Examination Priorities Report
By Editors | 17/10/2023
Focus areas will include crypto-related securities, automated investment tools, artificial intelligence, trading algorithms, and investment adviser conduct.
Structural Regulation
China Formally Shifts Some PBOC Responsibilities to NFRA
By Editors | 17/10/2023
The PBOC will no longer be responsible for financial consumer protection and supervision of financial holding companies.
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