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Anti-Money Laundering
SFC Fines Mason Securities for AML Breaches
By Editors | 17/12/2021
In deciding the disciplinary sanction, the SFC took into account the “extensive period of time” over which the failures occurred.
PEPs & Sanctions
US Treasury Imposes Sanctions on Eight Chinese Tech Firms
By Editors | 17/12/2021
Trade restrictions have also been imposed on 34 entities for alleged human rights violations and technology use that ‘undermines US national security’.
Supervision & Enforcement
APRA Publishes Latest Data on Super Fund Underperformance
By Editors | 17/12/2021
About 60% of choice products and 45% of MySuper products delivered returns below benchmarks. APRA will further intensify its supervision on trustees delivering sub-standard member outcomes.
Market Abuse
Hong Kong, Singapore Authorities Arrest 10 in Joint Operation
By Manesh Samtani | 16/12/2021
Six senior executives of Hong Kong listed companies were among those arrested, for operating a cross-border pump-and-dump manipulation scheme.
Fraud, Scams & Cybercrime
BSP to Ensure Hacked BDO Accounts Are Reimbursed
By Mark Johnston | 15/12/2021
Some 700 customers of BDO Unibank have suffered losses due to a hack. The BSP said it will ensure remedial measures are undertaken.
Anti-Money Laundering
FinCEN Seeks Comments on Modernising US AML/CFT Regime
By Sanday Chongo Kabange | 15/12/2021
FinCEN’s review of BSA regulations will help it to identify regulations and guidance that are out-dated, redundant, inefficient, or unfit for purpose.
Market Abuse
TWSE Amends Corporate Governance, Insider Trading Rules
By Sanday Chongo Kabange | 15/12/2021
Insiders cannot trade shares 15 days before quarterly reports and 30 days before annual reports. Board independence and diversity rules also included.
Anti-Money Laundering
UK Court Convicts, Fines NatWest for AML Failings
By Editors | 15/12/2021
NatWest’s accepted cash deposits worth around GBP 264 million. The case represents the first time the FCA has pursued criminal charges for money laundering failings.
Supervision & Enforcement
FMA Cancels Financial Advice Provider’s Transitional Licence
By Editors | 15/12/2021
This was the first transitional licence cancelled by the FMA, due to “serious misconduct” by the company’s sole financial adviser at a previous employer.
Anti-Money Laundering
IMF, WB Propose Framework for Assessing Remittance Corridor Risk
By Sanday Chongo Kabange | 14/12/2021
Corridor risk assessments will help to simplify AML/CFT and CDD measures in lower-risk remittance transactions.
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