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Structural Regulation
New Zealand FMA Censures Derivatives Issuer FIRMA NZ
By Editors | 11/10/2021
Firma NZ failed to conduct product suitability tests for clients and to regularly provide statements to investors. The contraventions were “persistent and systemic”.
Fraud, Scams & Cybercrime
S. Korea: Founder of Singapore Fintech Jailed for Fraud
By Editors | 11/10/2021
A South Korean court has sentenced the founder of a fintech investment firm Marvelstone Group to ten years of jail time on fraud charges.
Anti-Money Laundering
Singapore Woman Admits to Receiving Criminal Proceeds
By Ranamita Chakraborty | 11/10/2021
On instructions from a man she met online, a secretary of a law firm opened bank accounts that were used to receive funds stolen from a Botswana bank.
KYC & CDD
Singapore: Exemptions for Foreign Offices of FIs Take Effect
By Editors | 10/10/2021
Under the new ‘Branch Framework’, Singapore FIs have to assess whether their overseas representatives are acting on behalf of the Singapore office or the foreign office.
Anti-Money Laundering
FATF Re-rates China on Six Recommendations
By Manesh Samtani | 10/10/2021
The FATF acknowledges work underway to revise China’s AML laws to bring DNFBPs into scope and set a foundation for a new beneficial ownership regime.
Fraud, Scams & Cybercrime
Coinbase to Reimburse 6,000 Customers Following Crypto Theft
By Sanday Chongo Kabange | 08/10/2021
Coinbase is working with law enforcement to support its investigation into the individuals behind the hack.
Anti-Money Laundering
US DOJ Creates National Cryptocurrency Enforcement Team
By Editors | 07/10/2021
The NCET will cooperate with international law enforcement agencies as well as private sector actors to target the criminal misuse of cryptocurrency.
Anti-Money Laundering
Germany’s BaFin Fines N26 Over Weak AML Controls
By Editors | 07/10/2021
The €4.25mn fine was paid in July but only made public by BaFin on 29 September. N26 says it already addressed the problems.
Anti-Money Laundering
New Zealand Consults on Broad Changes to AML/CFT Act
By Manesh Samtani | 07/10/2021
Changes being considered include the introduction of a new registration regime for all AML/CFT businesses, a licensing regime for VASPs, and direct penalties for senior managers.
Anti-Bribery & Corruption
HK ICAC, FRC to Collaborate on Financial Market Malpractice
By Editors | 07/10/2021
The new MoU sets out a framework for cooperation, covering case referrals, joint investigations, information exchange, mutual investigative assistance and training.
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