Financial Crime

Anti-Money Laundering

FATF Framework Can Better Support Financial Inclusion: RUSI

By Manesh Samtani | 16/06/2021

There are insufficient incentives within the framework to ensure the FATF Standards are implemented in a way that supports inclusion.

Anti-Money Laundering

PNG’s BSP Financial Group Faces Possible AML Penalties

By Editors | 16/06/2021

Australia’s CBA and NAB are reportedly under scrutiny as they provided correspondent banking services to BSP Financial Group.

Anti-Money Laundering

SEC Orders Finance, Lending Companies to Submit AML Plans

By Editors | 16/06/2021

All financing and lending companies have until 21 June to submit plans for implementing a comprehensive and risk-based AML/CFT programme.

Operational Risk

RBI Requires HFCs to Enhance Internal Audit Systems

By Editors | 16/06/2021

All deposit-taking HFCs irrespective of size, and non-deposit-taking HFCs with at least INR 50 billion in assets, have to put in place an RBIA framework.

Anti-Money Laundering

WEF Offers Framework to Help Prevent Illicit Financial Flows

By Sanday Chongo Kabange | 16/06/2021

The “Unifying Framework” published this month sets out five core practices for gatekeepers to use to identify and respond to potential illicit activity.

Fraud, Scams & Cybercrime

Hin Leong Files Suit Against Deloitte Over Auditing Failures

By Ranamita Chakraborty | 16/06/2021

The lawsuit claims Deloitte would have detected material misstatements and not issued unqualified opinions if its audits were carried out properly.

Fraud, Scams & Cybercrime

Hong Kong: Ex-Dah Sing Bank Manager Jailed for Fraud

By Sanday Chongo Kabange | 16/06/2021

The former financial planning manager told a client he was required to buy an insurance policy before he could open a corporate bank account.

Market Abuse

US Federal Court Sanctions Australian Trader for Spoofing

By Sanday Chongo Kabange | 15/06/2021

The Propex Derivatives trader is required to repay $21,000 in disgorgement and cease and desist from violating anti-spoofing and manipulation rules.

Anti-Money Laundering

RUSI Calls On FATF to Devise Financial Inclusion Strategy

By Editors | 15/06/2021

Little concrete work has been done by the FATF so far to actively promote financial inclusion as part of its primary integrity mandate.