Financial Crime

PEPs & Sanctions

Philippine SEC Disseminates Guidance on Targeted Financial Sanctions

By Editors | 12/09/2021

The guidance now covers targeted financial sanctions related to terrorism, terrorism financing, and proliferation financing, including remedies and relevant UNSC links.

Fraud, Scams & Cybercrime

CSRC Probes Haitong Securities in Financial Reporting Fraud Case

By Editors | 10/09/2021

Haitong is suspected of negligence and violations of law and regulations when it served as financial adviser on a deal to help a client on a backdoor listing deal.

Anti-Money Laundering

Philippine AMLC Asks Firms to Provide UBO Information in STRs

By Sanday Chongo Kabange | 10/09/2021

The FATF action plan requires the Philippines to enhance and streamline law enforcement agencies’ access to accurate and up to date beneficial ownership information.

KYC & CDD

Taiwan to Revise Authentication Rules to Facilitate Digital Banking

By Editors | 10/09/2021

The new rules allow banks to use biometric authentication methods to fulfill identity authentication requirements for internet-based applications.

Structural Regulation

Sri Lanka Passes New SEC Act to Bolster Capital Market

By Duruthu E Chandrasekera | 09/09/2021

SEC chairman Viraj Dayaratna described the new law as “futuristic”, saying it will help to increase market liquidity and attract foreign investment.

Anti-Money Laundering

Singapore Court Jails Russian National for Deceiving Banks

By Sanday Chongo Kabange | 09/09/2021

The banks were deceived regarding true beneficial ownership in their decision to open bank accounts between 2014 to 2017.

Supervision & Enforcement

Australian Court Fines Allianz, AWP for Deceptive Conduct

By Editors | 09/09/2021

Allianz and AWP will pay a total AUD 1.5 million for engaging in misleading and deceptive conduct when selling travel insurance.

Anti-Bribery & Corruption

Hong Kong ICAC Charges Ex-HSBC Banker for Accepting Bribes

By Editors | 09/09/2021

The bribes were paid as an inducement to or reward for the ex-banker to conceal the identity of the ultimate controller of two SMEs that obtained loans from HSBC.

Supervision & Enforcement

APRA Finds Praise in Survey of Regulated Entities

By Editors | 09/09/2021

APRA’s supervision helps to protect banking, insurance and superannuation industries, say 95 percent of regulated entities.