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Conduct, Culture & Accountability
South Korea to Overhaul Accounting Regulations
By Sanday Chongo Kabange | 12/10/2022
The changes will ease the burden on SMEs, enhance executive responsibility over accounting controls, and triple whistleblower rewards.
PEPs & Sanctions
US Treasury Penalises Crypto Exchange Bittrex $29mn
By Editors | 12/10/2022
OFAC and FinCEN took joint action for sanctions screening failures and violations of AML and SAR reporting requirements.
Conduct, Culture & Accountability
UK FCA Queries Banks About Staff Messaging Practices
By Editors | 12/10/2022
The queries come after US regulators collected over $2bn in combined penalties from firms for failures to maintain, preserve, or produce staff communication records.
Supervision & Enforcement
RBI Launches DAKSH, a New Supervisory Monitoring System
By Editors | 11/10/2022
The system will be used to monitor compliance and improve compliance culture at supervised entities such as banks and NBFCs, the RBI said.
Anti-Money Laundering
Singapore Punishes Ex-BSI Banker Over 1MDB Failings
By Sanday Chongo Kabange | 11/10/2022
BSI Singapore’s former head of private banking contributed to the bank’s failure to file STRs for 1MDB-related transactions when there were reasonable grounds to do so.
PEPs & Sanctions
US Targets Fuel Procurement Network in Latest DPRK Sanctions
By Editors | 11/10/2022
The sanctions are against two Singapore companies, a Marshall Islands entity, and two individuals for illicit ship-to-ship transfers to deliver fuel to North Korea.
PEPs & Sanctions
US Says Hong Kong Risks Becoming Haven for Sanctioned Russians
By Editors | 11/10/2022
The warning came days after Hong Kong indicated it would not pursue action against a superyacht owned by a sanctioned Russian oligarch that docked in the city.
Fraud, Scams & Cybercrime
HK Victims Have Lost HKD 2.6 billion to Scams This Year
By Editors | 10/10/2022
Online investment fraud accounted for HKD 540 million of all online scams, which is largely attributed to an increase in crypto-related scams.
Capital Adequacy
European Commission May Scrap Stricter Foreign Bank Rules
By Editors | 10/10/2022
Proposed requirements that would automatically require foreign banks to set up a subsidiary if they reach a certain size may […]
Cybersecurity
BNM Calls for Heightened Vigilance Over Payment Card Activity
By Editors | 10/10/2022
Payment gateway service provider iPay88 experienced a breach earlier this year affecting card data from online transactions.
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