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Fraud, Scams & Cybercrime
Korea FSS to Punish Illegal Business Lending by Savings Banks
By Editors | 27/06/2022
Restrictions on household loans appear to have caused an increase in loans to businesses from savings banks to fund housing purchases.
Market Abuse
Court Rules Foreign Banks Must Face LIBOR Lawsuits in US
By Editors | 26/06/2022
The Supreme Court has allowed lawsuits accusing foreign banks of manipulating LIBOR to be heard in New York even though the banks did not operate in the US.
Cryptocurrency
Hong Kong VASP Regime to Take Effect on 1 March 2023
By Natalie Curtis | 26/06/2022
The government acknowledges that the VASP regime will be more rigorous and comprehensive than those in Singapore, UK and Japan.
KYC & CDD
Corporate Registries Should Issue LEIs in Bulk: BIS Paper
By Manesh Samtani | 25/06/2022
Bulk LEI issuance by corporate registries would enhance the efficiency and reliability of data collection and reduce the per-company cost of applying for an LEI.
Anti-Money Laundering
Wolfsberg Group Calls for Greater Use of PPPs for AML/CTF
By Manesh Samtani | 24/06/2022
PPPs provide the most direct and impactful opportunity for FIs to collaborate with public sector stakeholders to identify and address financial crime risks.
Anti-Money Laundering
China Escalates Probe into Henan Bank Withdrawal Freezes
By Darien Choong | 24/06/2022
Initial investigations have revealed that the online transaction systems of the banks which suspended withdrawals were manipulated.
Anti-Money Laundering
NSW to Strengthen State AML Laws to Target Organised Crime
By Editors | 24/06/2022
New legislation will be introduced around September to enable police to stop-and-search for and seize unexplained wealth and ban encrypted devices.
Market Abuse
Japan SESC Seeks Penalty Order Against UK High Speed Trader
By Editors | 23/06/2022
Atlantic Trading London engaged in a series of manipulative derivative transactions in early 2020, the SESC said.
PEPs & Sanctions
US Sanctions Companies in HK, UAE for Iran-linked Dealings
By Editors | 23/06/2022
The sanctions came on the back of attempts by the US to restore the JCPOA, for which Iran is demanding some sanctions be lifted.
KYC & CDD
PBOC Eases Overseas Transactions Rules for Domestic Payment Firms
By Darien Choong | 23/06/2022
Domestic payments institutions can use the cross-border CNY settlement services of banks for e-commerce and ‘new models’ of foreign trade.
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