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Conduct, Culture & Accountability
NZ FMA Warns Influencers Against Providing Financial Advice
By Ranamita Chakraborty | 30/06/2021
Social media influencers do not want to find themselves caught offering advice they’re not qualified or authorised to give, warns FMA chief Rob Everett.
Anti-Bribery & Corruption
Ex-Shanghai Clearing House Chief Expelled from CCP for Corruption
By Sanday Chongo Kabange | 30/06/2021
Xu Zhen has been expelled from the CCP for borrowing large sums of money using the SCH’s management services and accepting bribes.
Structural Regulation
Philippine SEC Threatens Online Lenders with Licence Revocation
By Sanday Chongo Kabange | 29/06/2021
The threat is aimed at lending and financing companies that have failed to register and disclose their online lending platforms.
PEPs & Sanctions
FATF Issues Guidance on Mitigating Proliferation Financing Risk
By Manesh Samtani | 29/06/2021
The guidance highlights the need for effective onboarding processes, ongoing monitoring, staff training, risk management, sanctions screening, and a strong compliance culture.
Payments & Settlements
Bangladesh Bank to Provide Escrow for E-commerce Payments
By Ranamita Chakraborty | 29/06/2021
Advance payments will be deposited with the central bank or other payment gateways until products bought online reach customers.
Operational Risk
CBIRC Bans Ex-President of Sichuan Trust for 8 Years
By Sanday Chongo Kabange | 29/06/2021
Former Sichuan Trust president Chen Jun is being punished for his role in the firm’s failure to repay investors about CNY 25 billion.
KYC & CDD
Digital Identity: A Sound Model for Risk Mitigation
By Manesh Samtani | 29/06/2021
Lax attitudes towards security by consumers have made it increasingly important for banks to take advantage of digital identity systems and put in place robust security measures.
Anti-Money Laundering
CBA Contractors May Have Cut Corners on Compliance Tasks
By Editors | 29/06/2021
Contract workers reportedly had to cut corners on compliance tasks to meet their KPIs, including by copy and pasting text from templates to fill reports sent to AUSTRAC.
Fraud, Scams & Cybercrime
AUSTRAC Assesses Risk in Non-bank Lending & Financing Sector
By Editors | 29/06/2021
The main threat facing the non-bank lending and financing sector is fraud, particularly loan application fraud, identity fraud and welfare fraud.
Anti-Money Laundering
New FATF Report Sounds Alarm Over Environmental Crime
By Manesh Samtani | 29/06/2021
The report highlights the use of trade-based fraud and shell companies by criminals to launder proceeds from environmental crime.
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