ADVERTISEMENT
KYC & CDD
Deutsche Bank to Settle US Shareholder Lawsuit for $26m
By Editors | 27/09/2022
Shareholders said Deutsche Bank made false statements about its KYC and AML processes and caused losses to investors when its client list was made public.
Cybersecurity
Australia: Optus Data Breach to Prompt Legislative Reform
By Manesh Samtani | 27/09/2022
Australian Prime Minister Anthony Albanese said the Optus breach was a “huge wake-up call” for the corporate sector.
Anti-Money Laundering
AUSTRAC Releases Risk Assessment of Bullion Sector
By Editors | 26/09/2022
Personal income tax evasion was the most common suspected offence, linked to 52% of SMRs, though the associated values were low.
Anti-Money Laundering
UK Introduces Economic Crime Bill to Parliament
By Editors | 26/09/2022
The Bill targets beneficial ownership transparency and will also make it easier for law enforcement to seize and recover cryptoassets.
Anti-Money Laundering
India: ICAI Probes 200 Accountants Over Shell Company Setups
By Editors | 26/09/2022
Around 200 chartered accountants are subject to a probe involving shell companies established in India by Chinese firms.
Fraud, Scams & Cybercrime
Interpol Issues Red Notice for Terraform Labs Founder
By Mark Johnston | 26/09/2022
The red notice for Do Kwon was issued at the request of Korean prosecutors, who say he is wanted for alleged capital market violations.
Emerging Prudential Risks
US Banks Pledge to Take Government’s Lead on Taiwan Issue
By Editors | 26/09/2022
JPMorgan Chase, Bank of America and Citigroup would exit China if so ordered by the US government in response to an attack on Taiwan.
Anti-Money Laundering
HKMA Penalises Cathay United Bank for AML Deficiencies
By Editors | 25/09/2022
Besides CDD and EDD failures, the bank’s risk classification framework was “defective by design” and senior management oversight was “inadequate”.
Conduct, Culture & Accountability
Australian Court Fines AMP for ‘Fees for No Service’ Conduct
By Editors | 25/09/2022
The Federal Court said the conduct reflected “very poorly on the organisation culture” of AMP, fining its subsidiaries a total A$14.6mn.
Anti-Money Laundering
AMLC Philippines Issues Draft Rules for Anti-Human Trafficking Law
By Editors | 25/09/2022
Financial intermediaries will be required to monitor for and report financial activity and transactions suspected to be related to human trafficking.
JOIN OUR NEWSLETTER
An exclusive weekly selection of top stories from the Regulation Asia editorial team.