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Anti-Money Laundering
EBA Issues New Guidelines, Technical Standards for AML/CFT
By Sanday Chongo Kabange | 23/12/2021
The guidelines cover supervisory cooperation and risk-based supervision of banks. New draft RTS are published for a new EU-wide database known as EuReCa.
Trade Based Money Laundering
Trade Misinvoicing a Persistent Problem Across Nations: GFI
By Manesh Samtani | 22/12/2021
GFI says countries need to make trade misinvoicing illegal at the national level and strengthen law enforcement capacities of customs authorities.
Supervision & Enforcement
CSRC Launches Inspections at Financial Asset Exchanges
By Editors | 22/12/2021
Some exchanges were found to be illegally facilitating financing for property developers through the issuance of non-standard debt financing products.
Conduct, Culture & Accountability
Taiwan FSC Directs Banks to Enhance Wealth Management Controls
By Darien Choong | 21/12/2021
The FSC found deficiencies in banks’ implementation of internal controls to prevent misappropriation of client funds by wealth management specialists.
Anti-Money Laundering
HKMA Fines ePaylinks Technology for AML/CTF Breaches
By Editors | 20/12/2021
SVF licensee ePaylinks had deficiencies in its transaction monitoring and name screening systems, and failed to take enhanced measures in high risk situations.
Supervision & Enforcement
Taiwan FSC to Raise Fines for Securities Investment Trust Businesses
By Editors | 20/12/2021
The maximum fine for violations by securities investment trust and securities investment consulting businesses will rise from TWD 3mn to TWD 15mn.
Market Abuse
Japan SESC Recommends Fine for Insider Trading on Crypto Hack
By Editors | 20/12/2021
An individual who learned about the July 2019 theft of cryptocurrency from BITPoint Japan sold shares in its parent before the hack was publicly disclosed.
Anti-Money Laundering
Taiwan Amends AML Rules to Prevent Risk in Overseas Remittances
By Editors | 19/12/2021
The amendments specify obligations to ensure policies, procedures and internal controls are in place to prevent risks associated with overseas remittances.
Anti-Money Laundering
FCA Fines HSBC Over ‘Prolonged’ AML Deficiencies
By Manesh Samtani | 19/12/2021
Three key parts of HSBC’s automated transaction monitoring systems showed “serious weaknesses” between March 2010 to March 2018.
KYC & CDD
New Zealand DIA, FMA Issue Directions on Outsourced CDD
By Editors | 19/12/2021
Outsourced CDD does not exist in isolation from reporting entities’ wider CDD procedures and obligations, the DIA and FMA said.
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