Financial Crime

Payments & Settlements

SBI to Facilitate Rupee Mechanism for Exports to Russia

By Editors | 16/09/2022

Russia still has to identify its own corresponding banks to help facilitate trade with India, but this is expected to be announced in the next two weeks.

Alternative Markets

SEBI Probes AIFs Over Non-transparent Practices – Report

By Editors | 15/09/2022

At least 20 alternative investment funds are under scrutiny for practices such as dividend stripping, priority payouts, and opaque valuation policies.

Market Abuse

Korea to Require Advance Disclosure of Insider Stock Trades

By Sanday Chongo Kabange | 15/09/2022

Board members and principal shareholders will be required to disclose information about planned stock trades least 30 days before the expected trading date.

PEPs & Sanctions

OFAC Sanctions Iranian Actors Over Ransomware Activity

By Editors | 15/09/2022

OFAC said the IRGC-affiliated group has launched extensive campaigns across the globe targeting defence, diplomatic, government and private industry personnel.

KYC & CDD

Singapore Passes Bill to Regulate Debt Collector Conduct

By Editors | 15/09/2022

Debt collectors will have to be screened by police for licensing. Behaviour that threatens the physical safety of debtors will be prohibited.

Fraud, Scams & Cybercrime

Korea Issues Arrest Warrants for Terra Founder, Five Others

By Editors | 14/09/2022

Prosecutors say Terra coins were investment securities under Korea’s capital markets law. Do Kwon is alleged to have committed fraud.

Anti-Money Laundering

MAS Identifies AML/CFT Control Lapses at VCCs

By Manesh Samtani | 14/09/2022

MAS found issues with EFI appointment, oversight and escalation. Customer risk assessments and ongoing monitoring need improvement.

PEPs & Sanctions

UN Official Calls for Removal of All Iran Sanctions

By Manesh Samtani | 14/09/2022

Alena Douhan calls on the US and its allies to lift all sanctions and other restrictions against Iran, and invites the UN to propose mechanisms of compensation, remedy and redress.

KYC & CDD

Singapore Introduces Bill to Enhance Business Trust Governance

By Editors | 13/09/2022

CEOs will have to disclose interests in transactions. Unlisted business trusts will have to obtain and maintain information on beneficial ownership of their units.