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PEPs & Sanctions
UK OFSI Updates Sanctions Guidance to Include Crypto
By Editors | 07/09/2022
Crypto firms are directed to freeze assets of targets listed under the Consolidated List and report suspected sanctions breaches to the OFSI.
Fraud, Scams & Cybercrime
China Passes Law to Combat Telecom and Online Fraud
By Darien Choong | 07/09/2022
The law imposes an obligation on telecom companies and banks to help hunt down fraudsters, and requires the establishment of a risk information sharing mechanism.
Fraud, Scams & Cybercrime
Big Four Auditor Facing HK Lawsuit Over Chinese Audit
By Editors | 07/09/2022
The liquidator of a now-collapsed Chinese biotech firm said the auditor could have easily exposed fraud by asking obvious questions.
Emerging Prudential Risks
Sri Lanka to Face Challenges Implementing IMF Conditions
By Duruthu E Chandrasekera | 07/09/2022
Economists say the package will not be a panacea for Sri Lanka’s problems, with the economy already shrinking due to policies recommended by the IMF.
Fraud, Scams & Cybercrime
Singapore Police Opens New Anti-Scam Command Office
By Editors | 07/09/2022
The opening of the ASCom office was officiated by Minister for Communications & Information Josephine Teo.
Anti-Money Laundering
Japan Regulator Orders Revolut to Improve AML Controls
By Editors | 06/09/2022
Revolut is required to submit a business improvement plan by 3 October and file quarterly progress reports until implementation is complete.
Fraud, Scams & Cybercrime
India Raids Payment Firms in Digital Lending App Probe
By Editors | 06/09/2022
The Enforcement Directorate said digital loan app providers involved in extortion and harassment of members of the public are controlled and operated by Chinese persons.
Market Abuse
Singapore Jails Five Former Remisiers for False Trading
By Editors | 06/09/2022
The five were former remisiers for Phillip Securities, OCBC Securities, DBS Vickers Securities, and Maybank Kim Eng Securities.
Capital Adequacy
BSP Raises Minimum Capital Requirement for Rural Banks
By Sanday Chongo Kabange | 06/09/2022
The PHP 10 million minimum capital requirement was raised to PHP 50 million, which is less than was proposed in May.
Anti-Bribery & Corruption
China: Liaoning Officials Probed Following Two Bank Failures
By Editors | 06/09/2022
Among them, two CBIRC officials are accused of failing in their supervisory duties and for accepting bribes in exchange for favours.
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