Financial Crime

Anti-Money Laundering

FSC Korea Concerned of Embezzlement by Crypto Exchanges

By Editors | 02/07/2021

As the 24 September deadline for VASPs to register their businesses approaches, some businesses may close down, presenting risks to customer deposits.

Anti-Money Laundering

ECA Warns of Weaknesses in EU’s AML/CFT Regime

By Ranamita Chakraborty | 02/07/2021

AML/CFT efforts are hindered by institutional fragmentation and poor co-ordination at EU level, among other weaknesses.

Market Abuse

ASIC Consults on Changes to Market Integrity Rules

By Editors | 02/07/2021

Among the changes, the consultation proposes to require market participants to notify ASIC if it suspects a person of engaging in insider trading or manipulative trading.

Anti-Bribery & Corruption

US Judge Orders Goldman, Former Execs to Face 1MDB Lawsuit

By Ranamita Chakraborty | 01/07/2021

A US district court judge said it “strains credulity” for Goldman Sachs to contend it had no indication that funds were being siphoned from 1MDB.

Structural Regulation

HKMA Issues SPM on Supervision of Banks’ Insurance Business

By Editors | 01/07/2021

The HKMA’s enforcement standards with respect to insurance intermediary business of banks mirror those adopted by the IA.

Anti-Money Laundering

Binance Deploys New AML Solution Amid Regulatory Pressure

By Ranamita Chakraborty | 01/07/2021

Binance has deployed a new AML compliance solution in the face of a ban in the UK and warnings from Japanese and Thai regulators.

Supervision & Enforcement

FINRA Orders Record Financial Penalties Against Robinhood

By Editors | 01/07/2021

Robinhood has been ordered to pay $70mn for systemic supervisory failures and significant harm suffered by millions of customers.

Anti-Money Laundering

FATF Issues Report on Racially Motivated Terrorism Financing

By Manesh Samtani | 01/07/2021

Most of the funding obtained by extreme right-wing groups comes from legal sources, such as donations, membership fees, and commercial activities.

KYC & CDD

Eftpos Launches Business to Make Digital IDs Interoperable

By Ranamita Chakraborty | 30/06/2021

ConnectID acts as a ‘broker’ between identity providers, securely facilitating identity verification and data exchange, without storing identity data.