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PEPs & Sanctions
SWIFT Ban Spares Russian Banks Facilitating EU Energy Trade
By Manesh Samtani | 03/03/2022
Sberbank and Gazprombank not included in ban; Global banks demonstrating “extreme caution”; Crypto exchanges under pressure to Russia-linked transactions.
Anti-Bribery & Corruption
SFC Permanently Bans Ex-HSBC Employee Over Bribery Convictions
By Editors | 02/03/2022
The former vice president accepted gifts as inducements to handle credit applications and maintain the credit facilities for two companies controlled by a client.
PEPs & Sanctions
Russia SWIFT Ban Still Being Finalised; China Urges Dialogue
By Manesh Samtani | 02/03/2022
Seven Russian banks will likely be cut off from SWIFT; Japan will freeze Russia’s yen reserves; Korea will suspend transactions with seven Russian banks and their subsidiaries.
Cryptocurrency
China Supreme Court Makes Crypto Fundraising a Criminal Offence
By Editors | 02/03/2022
Fundraising that exceeds CNY 50 million, or losses involving at CNY 25 million or 5,000 people, could result in more than 10 years in prison.
Anti-Money Laundering
MAS Issues New AML/CFT Notices for Financial Institutions
By Manesh Samtani | 02/03/2022
The Notices cover activities involving precious stones and metals, services and transactions involving digital payment tokens, and risk assessments on shell companies.
Anti-Money Laundering
New EU-Wide AML Authority Expected to Oversee Crypto Firms
By Mark Johnston | 01/03/2022
A group of EU member states led by Germany is seeking to make the inclusion of cryptocurrency firms under the AMLA’s remit more explicit.
PEPs & Sanctions
UK Fast-Tracks Property Ownership Transparency Bill
By Manesh Samtani | 01/03/2022
The Economic Crime (Transparency and Enforcement) Bill first promised in 2016 has been introduced in Parliament and will be fast-tracked through the legislature.
Market Abuse
HK Court Offers Questionable Rationale in Insider Dealing Case
By Tom Fyfe | 01/03/2022
The court’s decision merely transfers illicit profits to a select group of individuals who were “lucky enough to have traded with the insider”, says Tom Fyfe.
Anti-Money Laundering
AUSTRAC Launches Federal Court Proceedings Against Crown Casinos
By Editors | 01/03/2022
Crown Melbourne and Crown Perth failed to assess ML/TF risk, carry out appropriate due diligence on customers, and establish a transaction monitoring programme.
Anti-Money Laundering
US Regulators Fine National Bank of Pakistan $55m for AML Violations
By Sanday Chongo Kabange | 01/03/2022
National Bank of Pakistan is required to pay penalties, correct deficiencies in its AML compliance, and submit quarterly progress reports on remedial actions taken.
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