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Operational Risk
SFC Raises Supervisory Focus on Fund Manager Resilience
By Manesh Samtani | 08/06/2021
The SFC is on the lookout for funds with outsized and concentrated bets to prevent an Archegos-type event in Hong Kong.
Anti-Money Laundering
AUSTRAC Launches Fresh Probes into Australian Casinos
By Ranamita Chakraborty | 07/06/2021
AUSTRAC has launched enforcement investigations into Crown Perth, The Star Sydney and SkyCity Adeliade over their dealings with high-risk customers and PEPs.
Anti-Money Laundering
Japan FSA Sets Hard Deadline for Full AML/CFT Compliance
By Editors | 07/06/2021
The FSA has directed FIs to formulate a plan that ensures full compliance with its AML/CFT guidelines by March 2024.
Anti-Money Laundering
AUSTRAC Launches Formal Probe into NAB Over AML Breaches
By Sanday Chongo Kabange | 07/06/2021
AUSTRAC said it is not considering civil penalty proceedings at this stage, a decision made based on the work undertaken by NAB to date.
Reporting & Disclosures
G7 Backs – but Looks Beyond – Mandatory Climate Disclosures
By ESG Investor | 07/06/2021
TCFD, IASB frameworks endorsed; communique also calls for progress on impact, nature-based and beneficial ownership reporting.
Cryptocurrency
FSC Korea Meets Crypto Exchanges Over Regulatory Reforms
By Sanday Chongo Kabange | 07/06/2021
The meeting focused on the operational difficulties faced by firms as they try to meet new regulatory requirements by a 24 September deadline.
Anti-Money Laundering
AUSTRAC Publishes Guidance on Detecting Cuckoo Smurfing
By Manesh Samtani | 07/06/2021
The guidance offers indicators to help financial services firms identify and report suspicious transactions related to cuckoo smurfing.
Anti-Money Laundering
BSP Orders Banks to Enhance STR Filing Processes
By Editors | 07/06/2021
Incorrect STR filings, as identified by the AMLC in a recent review, could downplay the risk and prioritisation of STRs, particularly when they involve high-risk crimes.
Reporting & Disclosures
G7 Finance Ministers Agree on 15pc Global Minimum Tax Rate
By Manesh Samtani | 07/06/2021
The global minimum tax will end the race-to-the-bottom in corporate taxation and ensure fairness for the middle class and working people, Janet Yellen said.
Conduct, Culture & Accountability
Hong Kong: Appeals Tribunal Overturns Ban Against UBS Banker
By Editors | 07/06/2021
The SFAT concluded that the former UBS banker cannot be held personally responsible for the failings of the China Metal Recycling transaction team.
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