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Fraud, Scams & Cybercrime
Binance Suffers Crypto Hack, But Contains Losses
By Editors | 10/10/2022
After managing to freeze the majority of the stolen assets, Binance said about $100mn in unrecovered funds remains, out of $570mn that was initially stolen.
Market Abuse
FSA Bars SMBC Nikko from Block Trades for 3 Months
By Editors | 09/10/2022
SMBC Nikko Securities was also found to have shared confidential information of several corporate clients without their consent with its parent’s banking unit.
Fraud, Scams & Cybercrime
Malaysia Budget 2023 to Tackle Scams, Promote Capital Market
By Editors | 09/10/2022
Budget 2023 includes measures to strengthen the capital market, protect against scams and cyber threats, and drive the ESG and climate change agenda.
Anti-Money Laundering
Singapore Government Publishes New National CTF Strategy
By Editors | 09/10/2022
A national risk assessment found remittance agents and banks to be the most vulnerable. MAS will develop new guidance for both sectors.
PEPs & Sanctions
LME Considers Banning Russian Metals from Warehouses
By Editors | 08/10/2022
Even without direct sanctions, a significant number of metals consumers are expressing an unwillingness to accept Russian metal in 2023, LME says.
KYC & CDD
ACRA Implements Requirements to Disclose Nominees, Controllers
By Editors | 08/10/2022
Local and foreign companies are required to maintain a register of nominee shareholders, and lodge information on their controllers with ACRA.
Operational Risk
APRA Asks Super Trustees to Improve Outsourcing Arrangements
By Editors | 08/10/2022
APRA expects all trustees to evaluate and improve their processes for selecting, monitoring and overseeing outsourcing arrangements.
KYC & CDD
AUSTRAC Issues Guidance on SoF and SoW Checks
By Sanday Chongo Kabange | 07/10/2022
When performing SoF and SoW checks, reporting entities must avoid the misconception that money coming from a bank can be presumed to be clean.
Cybersecurity
Australia Mounts ‘Supercharged’ Response to Optus Breach
By Sanday Chongo Kabange | 07/10/2022
“Operation Guardian” will protect those who had their data released online. Regulatory changes will enable better coordination to detect and mitigate cyber, fraud and scam risk.
Market Abuse
HK Court Orders Founder to Buy Shares from Wronged Investors
By Editors | 07/10/2022
The order is the first made to require a listed company executive to buy shares held by other investors “at a price to be determined by the court”.
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