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Fraud, Scams & Cybercrime
MAS Bars Former DBS Wealth Planner for Cheating Clients
By Editors | 20/03/2022
The former DBS Bank wealth planning manager fraudulently deceived clients into transferring SGD 490,000 into his personal bank account.
Conduct, Culture & Accountability
ASIC to Review Whistleblower Policies for Noncompliance
By Editors | 20/03/2022
ASIC will consider enforcement action and other regulator tools where compliance falls short of expectations, says commissioner Sean Hughes.
Reporting & Disclosures
China Identifies Data Fraud Occurring in Carbon Market
By Darien Choong | 20/03/2022
Data verification firms were found to have tampered with emissions reports, published fake testing data, and fabricated coal samples sent for testing.
KYC & CDD
RBI Orders Paytm Payments Bank to Stop Onboarding Clients
By Editors | 19/03/2022
The bank reportedly violated rules by allowing data to flow to servers overseas and did not properly verify thousands of customers.
Conduct, Culture & Accountability
HKEX Censures Six Directors Over “Unchecked Spending Spree”
By Sanday Chongo Kabange | 19/03/2022
The investment holding company spent over HK$60mn of company money to acquire luxury assets including a HK$24.5mn yacht, a HK$20mn diamond, seven cars, and 57 paintings.
PEPs & Sanctions
NZ Regulators Issue Guidance on Russia Sanctions Compliance
By Manesh Samtani | 19/03/2022
The guidance highlights the need for reporting entities to conduct due diligence to understand who has effective control or beneficial ownership of legal structures.
Anti-Money Laundering
US Omnibus Bill Grants FinCEN 27pc Budget Increase
By Mark Johnston | 18/03/2022
The additional budget is to allow FinCEN to respond to the situation in Ukraine, including expenses foreign government personnel to attend meetings and training.
PEPs & Sanctions
US Treasury, DOJ Launch Global Task Force to Target Russian Assets
By Manesh Samtani | 17/03/2022
FinCEN is meanwhile taking steps to boost cooperation with the FIUs of Australia, Canada, France, Germany, Italy, Japan, New Zealand, the UK , and the Netherlands.
PEPs & Sanctions
MAS Issues Guidance on Russia Sanctions Compliance
By Manesh Samtani | 17/03/2022
Crypto exchange operators have all been instructed to provide details of their Russia-linked clients to the regulator.
PEPs & Sanctions
Japan Crypto Exchanges Ordered to Comply with Sanctions
By Editors | 17/03/2022
Fines up to JPY 1 million and up to three years’ imprisonment are specified for non-compliance with sanctions by crypto exchange platforms.
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