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PEPs & Sanctions
Australia Jails Sydney Man for Breaching North Korea Sanctions
By Manesh Samtani | 28/07/2021
The AFP uncovered evidence that the man was generating income for North Korea’s government by facilitating the transfer of various commodities to and from the country.
Fraud, Scams & Cybercrime
MAS to Review Liability Framework for Card Scams by Year-end
By Ranamita Chakraborty | 27/07/2021
The Singapore police received 89 reports of fraudulent card transactions performed with SMS OTPs between September 2020 and February 2021.
KYC & CDD
HKMA Issues Guide for Regtech Adoption in Customer Monitoring
By Manesh Samtani | 27/07/2021
The Guide will help banks assess whether they have the appropriate governance, controls, skills, infrastructure and underlying data to adopt Regtech solutions in ongoing monitoring of customers.
Cryptocurrency
Singapore: “Several” DPT Licences in Final Stages of Review
By Editors | 27/07/2021
Of around 170 digital payment token service providers who applied for a licence, 30 applications have been withdrawn after engagement with MAS and two have been rejected.
Market Abuse
SFC Calls on Industry to Report Suspected Ramp-and-dump Activity
By Manesh Samtani | 26/07/2021
Ramp-and-dump scams now account for about half of the market manipulation cases being investigated by the SFC. Overseas investors also being targeted.
Fraud, Scams & Cybercrime
Taiwan FSC Fines Taishin Int’l Bank for Oversight Failures
By Editors | 26/07/2021
A Taishin customer relationship manager stole TWD 347 million from nine customers over more than a decade by asking them to sign blank transfer forms.
PEPs & Sanctions
China Names First Targets of Anti-Foreign Sanctions Law
By Editors | 25/07/2021
China has sanctioned former US Secretary of Commerce Wilbur Ross, 5 other individuals, and a nonprofit organisation.
Anti-Money Laundering
KoFIU Notifies Foreign VASPs of Their Obligation to Register
By Manesh Samtani | 23/07/2021
Foreign VASPs that continue to target Korean customers after 24 September without registering with KoFIU will be subject to penalties in Korea.
Anti-Money Laundering
European Commission Presents Package of AML/CFT Reforms
By Editors | 23/07/2021
A new EU-level AML authority will coordinate national authorities to ensure the private sector correctly and consistently applies EU rules.
Anti-Bribery & Corruption
China: Shanxi Banking Regulator to Face Corruption Trial
By Sanday Chongo Kabange | 22/07/2021
Yang Qinghe is accused of abusing his power to help people who bribed him to obtain loans and other benefits.
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