Financial Crime

KYC & CDD

AsiaVerify Recognised for KYC Capabilities in Regulation Asia Awards 

By Editors | 10/12/2021

AsiaVerify provides real-time data for the verification of business partners, corporate customers and individual clients in key Asian markets, most notably China.

Conduct, Culture & Accountability

ASIC Files Proceedings Against ANZ Over Unpaid Benefits

By Editors | 10/12/2021

ANZ and ASIC have filed a statement of agreed facts and admissions with the court and agreed on a proposed penalty of AUD 25 million.

Anti-Bribery & Corruption

China: Top Banking and Securities Officials Accused of Corruption

By Darien Choong | 09/12/2021

A new wave of anti-corruption probes has brought down senior officials and executives from the SSE, CSRC, CBIRC, ICBC and Everbright Bank.

Stablecoins

Japan FSA Seeks to Introduce Restrictions on Stablecoin Issuance

By Sanday Chongo Kabange | 09/12/2021

The FSA reportedly seeks to propose legislation to only allow banks and wire transfer companies to issue stablecoins, and to regulate wallet providers.

Conduct, Culture & Accountability

NZ FMA Files Suit Against Kiwibank for Overcharging Customers

By Editors | 09/12/2021

Between September 2005 and March 2020, some 35,000 home loan customers were overcharged a total of NZD 1.1 million.

Fraud, Scams & Cybercrime

Japan: Sony Life Employee Embezzles $155m While Working Remotely

By Sanday Chongo Kabange | 09/12/2021

The Sony Life Insurance employee allegedly embezzled $155mn while working on liquidating the reinsurer’s assets after it closed.

Anti-Money Laundering

FinCEN to Tighten Rules on Beneficial Ownership, Real Estate Deals

By Manesh Samtani | 09/12/2021

The proposed rules are aimed at protecting the US financial system from money laundering enabled by shell companies and all-cash real estate deals.

Resolution & Recovery

RBNZ Consults on Draft Deposit Takers Act Legislation

By Ranamita Chakraborty | 09/12/2021

The Depositor Compensation Scheme will protect up to NZD 100,000 per depositor, per licensed deposit taker, and is expected to be operational in late 2023.

Conduct, Culture & Accountability

ANZ Faces Class Action for Over Credit Card Interest Charges

By Editors | 08/12/2021

The class action alleges ANZ contravened the ASIC Act by charging retrospective interest and interest on purchases that were paid off in a timely manner.