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Fraud, Scams & Cybercrime
CBA Pleads Guilty to Mis-Selling Consumer Credit Insurance
By Editors | 01/11/2021
Deputy chair Sarah Court said ASIC pursued a criminal case against CBA after it was clear customers had been sold insurance that they had no use for.
KYC & CDD
Trust but Verify: Establishing a Client’s Source of Wealth
By Editors | 01/11/2021
The Pandora Papers provide a stark reminder of the importance of having a robust risk assessment process in place for due diligence and source of wealth checks.
Fraud, Scams & Cybercrime
HK ICAC Charges Property Agent With Mortgage Loan Fraud
By Ranamita Chakraborty | 01/11/2021
The property agent Chiu Ka-wai applied for a mortgage loan with HSBC and falsely represented that the property was for self-occupancy.
KYC & CDD
IFC to Develop e-KYC Infrastructure for Bangladesh
By Editors | 31/10/2021
International Finance Corporation will help Bangladesh’s FIU develop e-KYC infrastructure to advance digital transformation and financial inclusion.
Anti-Money Laundering
AUSTRAC Asks Banks to Avoid Indiscriminate De-banking Practices
By Editors | 31/10/2021
De-banking activities lead criminal activity underground and compound the risks criminals pose to Australia’s financial system and the community.
Trading & Investment
CBIRC Shanghai Launches Crackdown on Coal Price Speculation
By Editors | 29/10/2021
The CBIRC’s Shanghai bureau has banned the use of bank and insurance funds to influence the commodity market, as China faces nationwide power shortages.
Anti-Money Laundering
FATF Issues Final Updated Guidance on Virtual Assets, VASPs
By Manesh Samtani | 29/10/2021
The guidance offers clarification on the definition of VASPs, and explains how the FATF standards apply to stablecoins, P2P transactions, NFTs and DeFi.
Anti-Money Laundering
FATF Completes Phase One of Unintended Consequences Project
By Manesh Samtani | 29/10/2021
The FATF has published summary results from a stocktake to understand the unintended consequences that are occurring as a result of AML/CFT standards.
Cybersecurity
US Agencies Probe Chinese Payment Terminal Maker PAX
By Manesh Samtani | 28/10/2021
PAX Global Technology is reportedly under investigation over allegations from a US payment processor that its terminals are being used to stage cyberattacks.
Structural Regulation
China Proposes Revisions to CPA Law to Improve Audit Quality
By Editors | 28/10/2021
The revisions allow for foreign regulators to sign a regulatory cooperation agreement or memorandum with the State Council if they wish to access audit work papers.
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