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KYC & CDD
NZ FMA Issues New Guidance on Electronic ID Verification
By Editors | 18/07/2021
A new Explanatory Note identifies electronic sources of information that reporting entities can use for identity verification.
Anti-Bribery & Corruption
CBIRC Sichuan Official Placed Under Corruption Probe
By Editors | 17/07/2021
Li Guorong, the deputy head of the Sichuan bureau of the CBIRC, is being investigated for alleged corruption.
Fraud, Scams & Cybercrime
Bangladesh Brokerage Owners Accused of Embezzlement
By Editors | 17/07/2021
The BSEC has initiated an inquiry into Banco Securities, which has already had its trading suspended and bank account frozen amid embezzlement allegations.
Market Abuse
NAFMII Reprimands Bond Market Makers Over Round-trip Trades
By Sanday Chongo Kabange | 17/07/2021
NAFMII has given a notice of criticism to China Minsheng Bank and summoned Guosen Securities and Guangdong Nanyue Bank for regulatory talks.
Fraud, Scams & Cybercrime
INTERPOL Calls for Global Action to Prevent ‘Ransomware Pandemic’
By Editors | 16/07/2021
Criminals made $350mn in 2020 from ransomware payments, representing an increase of 311% in one year.
Resolution & Recovery
RBI Grants In-principle Approval for PMC Bank Takeover
By Sanday Chongo Kabange | 16/07/2021
The RBI has given Centrum Financial Services in-principle approval to set up a small finance bank to take over PMC Bank.
Anti-Money Laundering
European Commission Seeks Establishment of New AML Authority
By Ranamita Chakraborty | 15/07/2021
The new authority would be able to directly oversee the financial firms operating across multiple member states and issue penalties for AMLviolations.
Anti-Money Laundering
Japan FSA, BOJ to Assess AML, Anti-fraud Measures at FIs
By Manesh Samtani | 14/07/2021
The FSA and BOJ are reportedly looking to better understand whether AML, anti-fraud, and cybersecurity measures at FIs are adequate.
Fraud, Scams & Cybercrime
MAS, ABS Working to Improve Safeguards Against Scams – Reports
By Ranamita Chakraborty | 14/07/2021
A task force has been set up to help Singapore’s financial industry improve safeguards against scams and fraudulent transactions.
Cryptocurrency
Korea to Require Overseas Crypto Exchanges to Register with KoFIU
By Editors | 14/07/2021
Cryptocurrency exchanges based outside Korea would be required to register with KoFIU if they use the Korean won for settlement.
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