Financial Crime

Anti-Money Laundering

NZ FIU Calls for Help to Combat Transnational Organised Crime

By Sanday Chongo Kabange | 16/03/2022

Reporting entities are “uniquely positioned” to detect TNOC activity through the implementation of preventive measures and reporting to the FIU.

Conduct, Culture & Accountability

CSRC Issues Draft Rules to Enhance Civil Compensation System

By Darien Choong | 16/03/2022

The rules will enable aggrieved investors to claim compensation from amounts already paid by securities violators in fines and confiscations.

Anti-Money Laundering

AUSTRAC Proposes Amendments to AML/CTF Rules

By Sanday Chongo Kabange | 16/03/2022

A new consultation paper proposes to exempt FIs that are already enrolled with AUSTRAC from registration on the DCE Register when offering digital currency exchange services.

Anti-Money Laundering

Tencent Faces Record Penalty Over AML Breaches – Report

By Sanday Chongo Kabange | 16/03/2022

The breaches involved failures to verify the identities of users and merchants transacting on WeChat Pay, as well as the source of funds for those transactions.

Cryptocurrency

Dubai Establishes New Law, Regulator for Crypto Assets

By Mark Johnston | 16/03/2022

The new law comes as crypto firms in the UAE receive streams of requests from sanctioned Russians to liquidate billions of dollars of crypto assets.

Anti-Money Laundering

INTERPOL Launches Financial Crime and Anti-Corruption Centre

By Editors | 16/03/2022

The new centre will adopt a multi-agency approach to drive a coordinated global response to transnational financial crime and corruption.

Cybersecurity

FS-ISAC Warns of Cyber Risk ‘Trifecta’ in 2022 and Beyond

By Editors | 15/03/2022

Boards, auditors, and regulators will demand that firms level up their incident response playbooks, tools, and platforms.

Payments & Settlements

BSP Revises Regulatory Framework for E-money Issuers

By Mark Johnston | 15/03/2022

E-money can refer to monetary value “electronically stored in an instrument or device” – including cash cards, prepaid cards, stored value cards or digital wallets.

Emerging Prudential Risks

PBOC Outlines Achievements to Resolve Financial Risks

By Editors | 14/03/2022

The PBOC cited as examples the measures taken in relation to TMRW Group, Anbang, HNA Group, Baoshang Bank, Bank of Jinzhou and Hengfeng Bank, among others.