Financial Crime

Capital Adequacy

Sri Lanka Budget Imposes Heavy Burden on Financial Industry

By Duruthu E Chandrasekera | 18/11/2021

Sri Lankan bankers estimate that nearly 50 percent of the proposed LKR 304 billion in the budget will come from the financial services industry.

Conduct, Culture & Accountability

ASIC Issues Draft Guidance on Consumer Remediation

By Sanday Chongo Kabange | 18/11/2021

ASIC has expanded its consumer remediation guidance to cover all financial services licensees, credit licensees and retirement service providers.

Anti-Money Laundering

Korea FSS Orders KakaoBank to Bolster AML Controls

By Editors | 18/11/2021

The FSS said KakaoBank’s weak monitoring has resulted in the lender’s failure to flag suspicious overseas money transfers on several instances.

Anti-Money Laundering

S. Korea Targets Illicit Overseas Purchases of Real Estate

By Ranamita Chakraborty | 18/11/2021

The Korea Customs Service will establish mechanisms targeting the sources of funds used by foreign residents for domestic real estate purchases.

Market Abuse

Chinese Court Rules Executives, Auditors Liable for Kangmei Fraud

By Darien Choong | 17/11/2021

Kangmei Pharmaceutical, its executives and auditors will be held fully liable for CNY 2.5bn of investor losses in China’s first ever class action against corporate fraud.

Operational Risk

APRA Finalises New Standards on Insurance in Superannuation

By Ranamita Chakraborty | 16/11/2021

In preparation for the 1 July 2022 effective date, APRA “encourages trustees to reassess their insurance arrangements and strategy, risk and compliance frameworks”.

KYC & CDD

China Asks Banks to Facilitate ‘New Forms’ of International Trade

By Darien Choong | 16/11/2021

With the new rules, the PBOC says it hopes to achieve unified regulation of domestic and foreign currency settlement for new forms of offshore trade.

Trading & Investment

IOSCO to Update Regulatory Principles for Commodity Derivatives

By Editors | 16/11/2021

IOSCO says market authorities should establish a code of conduct for data providers, have a process to respond to unexpected disruptions, and analyse HFT and algo trading impacts.

Fraud, Scams & Cybercrime

Korea FSS Punishes 3 Brokerages Over Lime Asset Mis-selling

By Editors | 16/11/2021

Shinhan Investment and KB Securities were ordered to suspend parts of their operations for six months. Daishin Securities was ordered to close a branch.