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Cryptocurrency
Korean VASPs Barred From Trading Native Tokens
By Sanday Chongo Kabange | 29/09/2021
A new conflict of interest rule bars VASPs from trading native tokens and their staff from trading virtual assets on their own platforms.
Fraud, Scams & Cybercrime
Hong Kong Sees Spike in Investment Scam Losses – Report
By Editors | 29/09/2021
Victims lost HKD 2.5 billion from investment scams between January and July, a 20-fold increase compared to the same period last year.
Anti-Bribery & Corruption
Ex-CBIRC Official Took Bribes During Baoshang Takeover – Report
By Editors | 29/09/2021
Li Guorong is accused of taking bribes from entrepreneurs while serving as deputy head of a team appointed to take over Baoshang Bank.
Anti-Money Laundering
AUSTRAC Outlines Planned Enhancements to Reporting System
By Editors | 29/09/2021
A four-year transformation programme will introduce a “modern and intuitive user interface” and high-speed channels for file uploads, among other changes.
KYC & CDD
MAS Publishes Compliance Toolkit for Trust Companies
By Editors | 28/09/2021
The toolkit provides guidance on applications to be submitted to MAS for approval, as well as notifications and reporting requirements.
Conduct, Culture & Accountability
Enforcement Should Drive Good Conduct, says HKEX’s Jon Witts
By Manesh Samtani | 28/09/2021
HKEX’s approach to enforcement is designed to drive better conduct, governance and compliance culture, says Head of Listing Enforcement Jon Witts.
Cybersecurity
FIs Increasingly Sharing Data to Prevent, Mitigate Cyberattacks
By Sanday Chongo Kabange | 28/09/2021
Global cyber intelligence sharing among financial institutions increased 60 percent in the past year, driven by supply chain and ransomware threats.
Anti-Money Laundering
HKMA Identifies AML/CFT Gaps in Stored Value Facilities
By Sanday Chongo Kabange | 27/09/2021
The HKMA flagged issues related to risk assessments, business partner arrangements, customer risk assessments, and transaction monitoring.
Fraud, Scams & Cybercrime
US DOJ Agrees to Release of Huawei’s Meng Wanzhou
By Editors | 27/09/2021
Under a deferred prosecution agreement, Meng admitted to making material misrepresentations to HSBC regarding Huawei’s operations in Iran.
Cryptocurrency
Korea: 29 Crypto Exchanges Meet Registration Deadline
By Manesh Samtani | 26/09/2021
The applications will be processed within three months, following which approved exchanges will be subject to AML rules announced in March.
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