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Anti-Money Laundering
IMF Publishes Guide to Beneficial Ownership Transparency
By Editors | 18/10/2022
Despite guidance issued by the FATF over the years, effective implementation of beneficial ownership requirements is still a challenge for many countries, says the IMF’s Bo Li.
Fraud, Scams & Cybercrime
China Directs CPAs to Target Financial Fraud in Audits
By Editors | 18/10/2022
CPAs and accounting firms are directed to identify and fix weak links in their audit processes, and improve their ability to deal with financial fraud.
Anti-Money Laundering
NSW Regulator Imposes Max Penalty on Casino Giant The Star
By Editors | 18/10/2022
Casino giant The Star has been fined A$100mn and had its licence in NSW suspended due to its failure to prevent money laundering at its Sydney casino.
Anti-Money Laundering
Japan Cabinet Passes Bill to Strengthen AML System
By Editors | 18/10/2022
Crypto exchanges will be obliged to share information on users and screen customers against sanctions lists.
PEPs & Sanctions
HSBC Suspends Investment Services for Russian Clients in Hong Kong
By Editors | 18/10/2022
HSBC has reportedly sent a letter to most of its Russian retail clients in Hong Kong saying it is unable to provide them investment services because of sanctions imposed by the EU.
Credit Risk
HKMA Revises Return Templates to Streamline Bank Reporting
By Editors | 18/10/2022
Banks are no longer required to report their top ten non-bank Mainland China exposures on an aggregate basis.
Market Abuse
Hong Kong Court Convicts Former Fulbright Securities AE
By Editors | 17/10/2022
The former account executive, banned for life in 2017, pleaded guilty to employing a fraudulent scheme involving securities transactions in eight stocks.
Anti-Money Laundering
FCA Fines UK Challenger Bank for Weak AML Controls
By Editors | 17/10/2022
Gatehouse Bank failed to perform appropriate checks on customers based in high-risk countries and customers that were classified as PEPs.
Fraud, Scams & Cybercrime
Thailand Creates Working Group to Tackle Social Media Scams
By Editors | 16/10/2022
Facebook accounts will be tracked and websites will be blocked if they are found to be promoting fraudulent investment schemes or raising funds illegally.
Cryptocurrency
China Blocks 13 Crypto Apps Found to be Locally Accessible
By Editors | 16/10/2022
13 mobile apps for crypto trading that were still accessible in China have been removed from app stores at the direction of a Beijing court.
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