Financial Crime

Anti-Money Laundering

Implementing AML Rules on Luxury Assets can be Challenging

By Nithya Subramanian | 17/10/2023

While banks may have to dedicate more resources to track financial violations, local dealers too will have to be vigilant, said Navin Naidu.

Fraud, Scams & Cybercrime

MAS Issues Prohibition Orders Against Two Former Insurance Agents

By Editors | 16/10/2023

The former insurance representatives submitted a claim for a leg injury despite knowing it occurred before the insurance policy application.

Cryptocurrency

G20 Leaders Adopt IMF-FSB Roadmap on Crypto Assets

By Editors | 16/10/2023

The G20 finance ministers and central bank governors called for “swift and coordinated implementation” of the roadmap.

Anti-Money Laundering

Germany’s FIU Head Resigns Over Hidden SAR Backlog – Report

By Editors | 16/10/2023

The government has acknowledged that the FIU did not disclose a backlog of over 100,000 unprocessed suspicious activity reports to the FATF during its last evaluation.

Cybersecurity

UK FCA Fines Equifax £11m Over 2017 Cybersecurity Breach

By Editors | 16/10/2023

The FCA said the 2017 cyber breach against Equifax’s US parent allowed hackers to access the personal data of 13.8 million UK consumers.

Market Abuse

HK Investment Banks Face Naked Short Selling Fines in Korea

By Manesh Samtani | 16/10/2023

The FSS said it uncovered illegal short selling by two global investment banks. The banks were identified by local media as BNP Paribas and HSBC.

Anti-Bribery & Corruption

Chinese Authorities Arrest Former Chairman of Everbright Group

By Editors | 15/10/2023

Li Xiaopeng was placed under investigation in April. His arrest comes days after he was expelled from the CCP.

Fraud, Scams & Cybercrime

HKMA Announces Enhancements to Anti-Fraud Initiatives

By Manesh Samtani | 15/10/2023

FMLIT expanded to include more AIs; FINEST to cover more banks; FPS to gain pre-transaction alert mechanism.

Market Abuse

ASIC Wins ‘Landmark’ Case Over ANZ’s 2015 Share Placement

By Editors | 15/10/2023

The Federal Court said ANZ breached the law by failing to disclose that its underwriters took up nearly a third of its 2015 share placement.