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KYC & CDD
RBI Invites NBFCs to Apply for Aadhaar Authentication Licences
By Editors | 17/09/2021
With a KUA or sub-KUA licence, NBFCs will be able to authenticate client Aadhaar numbers using the e-KYC facility provided by UIDAI.
Supervision & Enforcement
SEBI to Shorten Time Allowed to Settle Enforcement Proceedings
By Editors | 16/09/2021
SEBI proposes to reduce the timeline allowed for entities to file applications to settle enforcement proceedings from 180 to 60 days.
Fraud, Scams & Cybercrime
CBA Faces Criminal Charges Over Consumer Credit Insurance Sales
By Editors | 16/09/2021
Commonwealth Bank plans to plead guilty to making false or misleading representations to customers about insurance policies.
Liquidity Risk
New CBSL Governor Takes Office, Pledges to Ensure Stability
By Duruthu E Chandrasekera | 16/09/2021
The changes at the CBSL come as Sri Lanka faces depleting foreign exchange reserves and a weakening currency.
Fraud, Scams & Cybercrime
Singapore Authorities Warn of SMS Diversion Attacks
By Editors | 15/09/2021
Malicious actors gained access to the systems of overseas telecom operators to divert SMS OTPs and authenticate fraudulent card transactions.
Anti-Money Laundering
SFC Finalises AML Guidelines for Securities Sector
By Manesh Samtani | 15/09/2021
The guidelines will take effect on 30 September, except for the new cross-border correspondent relationships requirements, which take effect six months later.
PEPs & Sanctions
DPRK ‘Launders’ Vessel Identities to Evade Sanctions: C4ADS
By Editors | 15/09/2021
C4ADS says fraudulent ship registrations created with the IMO are being used to ‘launder’ the identity of vessels associated with illicit activities.
Fraud, Scams & Cybercrime
Hong Kong ICAC Files Criminal Charges Against Former AXA Agents
By Editors | 15/09/2021
Three ex-insurance agents allegedly conspired to defraud AXA of HK$1.2mn in commissions and bonuses, and to launder over HK$2.7mn in crime proceeds.
Conduct, Culture & Accountability
PCAOB Fines KPMG Australia Over Training-related Misconduct
By Editors | 15/09/2021
Cheating in online training tests was found to be widespread within the audit practice. KPMG Australia sanctioned 1,131 individuals.
Conduct, Culture & Accountability
S. Korean Financial Firms Push Back Against Executive Accountability
By Ranamita Chakraborty | 15/09/2021
Six industry bodies have filed a joint request asking regulators to grant their boards more autonomy over their internal affairs rather than punishing their executives.
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