Financial Crime

Anti-Money Laundering

AUSTRAC Seeks Input to Develop New Reporting Systems

By Editors | 14/06/2021

Input is sought as part of a discovery phase of a four-year systems transformation programme to replace ‘AUSTRAC Online’.

Fraud, Scams & Cybercrime

Japan FSA Orders Suspension of SBI Social Lending Unit

By Editors | 14/06/2021

SBI Social Lending Co solicited funds from investors with false or misleading information in lending agreements.

PEPs & Sanctions

China Passes Anti-foreign Sanctions Legislation

By Editors | 13/06/2021

Countermeasures can be taken against senior managers and actual controllers of firms included on the anti-sanctions list, as well as their family members.

Conduct, Culture & Accountability

Probe Finds Japan Officials, Toshiba Colluded Against Shareholders

By Editors | 13/06/2021

Foreign investors including Effissimo, Harvard Management Company and 3D Investment Partners were pressured to change their voting.

Anti-Bribery & Corruption

G7 Leaders Commit to Acting on Corruption, Shell Companies

By Manesh Samtani | 13/06/2021

The communique highlights a need to tackle the misuse of shell companies and curtail the ability of illicit actors to hide wealth, including in real estate.

KYC & CDD

Financial Crime Compliance Costs to Reach $213.9bn for 2021

By Editors | 12/06/2021

KYC for onboarding and customer risk profiling were cited as the biggest challenges for APAC financial institutions in a LexisNexis Risk Solutions study.

Conduct, Culture & Accountability

SFC Suspends GEO Securities Executive for 7.2 Months

By Sanday Chongo Kabange | 11/06/2021

GEO’s breaches were attributable to Lun Sheung Nim’s failure to discharge his duties as a responsible officer and member of the senior management.

Anti-Money Laundering

Philippine AMLC Amends AML/CTF Guidelines for DNFBPs

By Editors | 11/06/2021

The revisions broaden the scope to include newly covered persons and add a new section on the implementation of the targeted financial sanctions, among other changes.

Conduct, Culture & Accountability

ASIC Files Australia’s First Criminal Charges Related to Auditing

By Ranamita Chakraborty | 10/06/2021

The charges against EC Audit and its director allege that the audits of Halifax Investment Services were not conducted in accordance with the relevant standards.