Financial Crime

Anti-Money Laundering

Korea, UAE to Strengthen Cooperation on AML Efforts

By Editors | 28/10/2021

KoFIU and UAE’s FIU have signed an MoU agreeing to strengthen bilateral cooperation and exchange AML/CTF information.

Structural Regulation

China Expands Futures Law to Include OTC Derivatives

By Editors | 28/10/2021

ISDA says the revised draft incorporates several comments it made in its submission to the consultation on the first draft.

Anti-Bribery & Corruption

SFC Bans Former StanChart Licensee for Life

By Editors | 28/10/2021

The former licensee failed to disclose to the SFC in licensing applications that he was the subject of a criminal investigation.

KYC & CDD

RBI Orders Banks to Report Data on Borrower Relationships

By Ranamita Chakraborty | 27/10/2021

The RBI said it has observed “a low level of relationship segment details” in the databases of credit information companies.

KYC & CDD

PBOC Issues Guidance on Risk-based Account Opening

By Editors | 26/10/2021

Banks are required to establish a classification and hierarchical management system for SME bank accounts by the end of the year to ensure proper risk control.

Anti-Money Laundering

Singapore Court Charges Property Agent for Failing to File STR

By Ranamita Chakraborty | 26/10/2021

The agent collected a bag of cash for a property purchase. It was later discovered that the purchaser was an undischarged bankrupt and operated illegal gambling dens.

Capital Adequacy

RBI Extends Basel III Rules to All India Financial Institutions

By Ranamita Chakraborty | 26/10/2021

EXIM Bank, NABARD, NHB and SIDBI are increasingly seen as key institutions for promoting the flow of credit to certain economic sectors.

Anti-Money Laundering

Singapore Court Fines Man for Falsifying North Korea Invoices

By Ranamita Chakraborty | 25/10/2021

The business dealings were not in violation of sanctions regulations but the falsification of invoices to conceal them from banks has resulted in a S$210,000 fine.

Credit Risk

HKMA Amends Requirements on Share Margin Financing

By Sanday Chongo Kabange | 25/10/2021

The HKMA says continued enforcement of the requirement to observe market norms in the setting of maximum LTV ratios is no longer appropriate.