Financial Crime

Conduct, Culture & Accountability

ASIC Issues Update on Compensation Paid for Non-compliant Advice

By Editors | 05/08/2021

Australia’s 6 largest FIs have paid over A$1.86 billion to compensate customers for fees-for-no-service misconduct and non-compliant advice.

Supervision & Enforcement

CBIRC Orders Trust Companies to Divest Non-financial Subsidiaries

By Editors | 05/08/2021

Trust companies can retain just one non-financial subsidiary whose business covers investment management or asset management. The remaining subsidiaries must be liquidated.

Credit Risk

Bangladesh Bank to Enhance Monitoring of NBFI Lending

By Ranamita Chakraborty | 05/08/2021

The new reporting policy will enable the central bank to monitor NBFI lending more closely and ensure provisions are being adequately maintained.

Supervision & Enforcement

CBIRC Fines Trust Company for ‘Major’ Regulatory Violations

By Editors | 05/08/2021

The trust company was fined CNY 5.66 million for risk control failures, mismanagement of its trust schemes, and other “serious” breaches.

Cryptocurrency

China’s Opposition to Cryptocurrency is Ideological – Report

By Manesh Samtani | 05/08/2021

A new Chainalysis report explains China’s crackdown on cryptocurrency, the country’s role in crypto-related crime, and the implications of a digital yuan.

Anti-Money Laundering

Singapore: Woman Jailed for Helping to Launder Scam Proceeds

By Sanday Chongo Kabange | 05/08/2021

Rohaiza Alap provided 25 bank accounts to scammers to launder S$2mn out of Singapore. She also recruited others to act as money mules.

Fraud, Scams & Cybercrime

Singapore Police Charge Daughter of Hin Leong Founder

By Editors | 04/08/2021

Lim Huey Ching instructed a Hin Leong employee to ensure deleted items could not be recovered and to permanently dispose of server backups.

Cryptocurrency

Korean Crypto Exchanges Start to Close Amid Regulatory Pressure

By Editors | 04/08/2021

Up to 11 cryptocurrency exchanges in Korea are planning to shut down after their deposit accounts were linked to fraudulent activities.

Cryptocurrency

Bangladesh Bank Reiterates Ban on Cryptocurrency

By Sanday Chongo Kabange | 04/08/2021

Bangladesh Bank sought to clarify its stance after reports emerged suggesting that crypto transactions are only illegal if they are linked to other crimes.