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PEPs & Sanctions
Russia Facing Comprehensive Sanctions Over Ukraine Invasion
By Manesh Samtani | 25/02/2022
The US is targeting all ten of Russia’s largest financial institutions. Russian access to most major markets has been restricted.
Anti-Bribery & Corruption
Ex-Goldman Exec Alleges BNM Was Involved in 1MDB Graft
By Editors | 24/02/2022
Tim Leissner said BNM approved a USD 1 billion overnight transfer out of 1MDB but that he could not independently verify whether a bribe was paid.
Cryptocurrency
Russia Considers Framework for Regulating Cryptocurrencies
By Sanday Chongo Kabange | 24/02/2022
The draft proposes requirements for VASPs relating to corporate governance, tax reporting, data storage, internal controls, risk management, client identification/KYC and segregation of assets.
Anti-Bribery & Corruption
Former Bank of Qinghai Executive Jailed 18 Years For Corruption
By Darien Choong | 24/02/2022
A former chairman of China Postal Savings Bank and a former vice chairman of the CBRC have also been arrested on corruption charges.
Fraud, Scams & Cybercrime
MAS Bans Former OCBC Representative for Five Years
By Editors | 24/02/2022
The former representative was convicted of forgery in the State Courts last year, leading MAS to believe she would not perform financial advisory services honestly.
Tokenisation
Korean Think Tank Classifies Some NFTs as Virtual Assets
By Editors | 23/02/2022
NFTs used in games and for payments can satisfy the definition of virtual assets and may be subject to AML obligations, the Korea Institute of Finance said.
Fraud, Scams & Cybercrime
Seoul Court Declares Lime Asset Management Bankrupt
By Editors | 23/02/2022
Investors lost an estimated KRW 1.7 trillion. Lime Asset Management has a reported KRW 520 billion in debt, compared to just KRW 19 billion in assets, which will be liquidated.
Fraud, Scams & Cybercrime
PBOC Warns Credit Repair Firms Against Cheating Customers
By Sanday Chongo Kabange | 23/02/2022
Credit-repair service providers have been falsely telling customers they can change the information in the PBOC’s credit reporting system and delete records relating to overdue debts from credit reports.
Capital Adequacy
China: Banks, SOEs Ordered to Report on Ant Group Exposures
By Editors | 23/02/2022
China’s National Audit Office, the CBIRC and other authorities have reportedly asked SOEs and banks to report on their exposures to Ant, its subsidiaries and its shareholders.
Fraud, Scams & Cybercrime
CBIRC Warns of Metaverse-related Investment Scams
By Darien Choong | 22/02/2022
The CBIRC warns of criminals luring the public to invest in high-tech projects related to the metaverse and profiting from “fake virtual currencies”.
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