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Anti-Money Laundering
MAS Issues Guidance on Uplifting Name Screening Systems
By Manesh Samtani | 30/04/2022
MAS observed an overreliance on system vendors to set the screening parameters. Most FIs did not enquire about or assess vendors’ information sources.
Fraud, Scams & Cybercrime
CBIRC Works to Resolve Unpaid Balances from P2P Crackdown
By Darien Choong | 30/04/2022
The CBIRC said it will continue to pursue now-closed P2P lending platforms as well as their owners and executives through the court system for losses suffered by investors.
Conduct, Culture & Accountability
BNM Proposes Rules for Hiring Insurance, Takaful Agents
By Editors | 30/04/2022
Insurers and takaful operators must undertake a due diligence process that includes reference checks with all of an agent’s current and former employers.
Anti-Money Laundering
US OCC Orders Digital Assets Bank to Address AML Failings
By Sanday Chongo Kabange | 30/04/2022
Deficiencies were found at Anchorage Digital Bank, the US’ first federally chartered bank authorised to provide institutional custody services for crypto.
Anti-Money Laundering
Improving Outcomes with Entity-Centric AML
By NICE Actimize | 29/04/2022
Enrich the full AML value chain For decades, financial services organisations (FSOs) have struggled to understand their customers’ financial risk […]
Supervision & Enforcement
MAS Offers Update on Major Ongoing Investigations
By Editors | 29/04/2022
MAS’ latest enforcement report includes a new section providing updates on cases relating to Noble Group, Hyflux, Eagle Hospitality Trust, and Hui Xun Asset Management.
Market Abuse
US Authorities File Charges Against Archegos, Key Executives
By Manesh Samtani | 28/04/2022
The DOJ, CFTC and SEC charged Archegos and four of its executives for defrauding banks and brokers and manipulating the prices of publicly traded securities.
Anti-Money Laundering
AUSTRAC Enhances MOU with Victoria Casino Regulator
By Editors | 27/04/2022
The Victorian Gambling and Casino Control Commission will be provided designated access to AUSTRAC’s financial intelligence database.
Market Abuse
Taiwan: Foreign Brokers Cleared of Wrongdoing in Trading Probe
By Editors | 27/04/2022
A probe into foreign brokerage firms was launched last month after they sold shares in TSMC while also issuing “buy” recommendations in research reports.
Fraud, Scams & Cybercrime
Hong Kong: ICAC Charges Three Over Mortgage Fraud
By Editors | 27/04/2022
A property buyer and two estate agents understated the purchase price so the mortgage would be subject to a lower LTV cap.
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