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KYC & CDD
FCA Directs Challenger Banks to Bolster FCC Controls
By Editors | 26/04/2022
The FCA said it found weaknesses relating to customer due diligence, risk assessment, management of transaction monitoring alerts, and SAR quality.
Anti-Money Laundering
Philippine Banks Directed to Monitor Gaming-related Transactions
By Editors | 25/04/2022
FIs are asked to bolster their CDD and file reports when suspicious transactions are observed involving play-to-earn games such as the recently-hacked Axie Infinity.
Fraud, Scams & Cybercrime
Chinese Payments Firms Take Steps to Stop Online Fraud
By Editors | 25/04/2022
Alipay removed more than 170,000 accounts linked to illegal activity, just days after the government issued guidance on combatting internet fraud.
Fraud, Scams & Cybercrime
FSS Korea Launches Probe Over Shinhan Card Frauds
By Editors | 25/04/2022
Shinhan Card is directed to enhance its card issuance and fraud prevention systems, and compensate customers for losses.
Supervision & Enforcement
Australian Court Orders Westpac to Pay A$113m in Penalties
By Editors | 25/04/2022
The penalties are the result of six proceedings brought by ASIC in November. Westpac had already agreed to pay the penalties and customer remediation.
Cryptocurrency
European Crypto Firms Push Back Against Proposed Regulations
By Editors | 24/04/2022
Crypto firms say requiring them to disclose transaction details and wallet addresses will undermine the privacy and safety of digital asset owners.
Payments & Settlements
Thailand Relaxes Foreign Exchange Regulations for Businesses
By Editors | 24/04/2022
The BOT is scrapping a $50mn annual limit on lending to unaffiliated companies in foreign countries, as well as limits on purchases of overseas real estate.
Conduct, Culture & Accountability
MAS Consults on Revised Misconduct Reporting Requirements
By Manesh Samtani | 24/04/2022
Misconduct reports will have to be submitted to MAS within 21 calendar days after an FI has found reasonable grounds to believe that misconduct has been committed.
Trade Based Money Laundering
TBML: Bangladesh Banks Ordered to Implement Vessel Tracking
By Editors | 24/04/2022
Bangladesh Bank issued the order to ensure banks comply with guidelines issued by BFIU requiring them to establish vessel-tracking systems.
Conduct, Culture & Accountability
CA ANZ May Discipline 12 KPMG Accountants for Cheating
By Editors | 23/04/2022
More than 400 CA ANZ members were found to have cheated on online training tests, but only 12 are being put through the body’s disciplinary process.
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