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PEPs & Sanctions
Biden Executive Order Amends, Clarifies China Blacklist
By Manesh Samtani | 04/06/2021
The revised EO is clearer, addresses many of the problem areas in the old EO, and is more enforceable, says Nick Turner at Steptoe & Johnson.
Cryptocurrency
Korea Designates FSS as Agency to Regulate Virtual Assets
By Sanday Chongo Kabange | 03/06/2021
The FSS will oversee the crypto industry, including in relation to AML rules imposed by the Act on Reporting and Using Specified Financial Transaction Information.
Credit Risk
CBIRC Warns Small Banks to Rein In Property Lending
By Sanday Chongo Kabange | 02/06/2021
The CBIRC will punish lenders that help borrowers to circumvent regulations prohibiting the use of business loans to buy real estate.
Credit Risk
BSP Sets Out Approval Procedures for Bad Loan Disposal
By Ranamita Chakraborty | 02/06/2021
The BSP has set out the procedure for lenders to apply for approval to dispose of NPAs under the provisions of the FIST Act.
Anti-Money Laundering
China to Broaden Scope of AML Law, Raise Penalties
By Manesh Samtani | 02/06/2021
The draft law brings into scope non-bank financial institutions as well as property developers, accounting firms and precious metal dealers.
Supervision & Enforcement
ASIC Bans Former Director of Global Merces Funds Management
By Editors | 02/06/2021
The former director is being charged criminally for providing false information to auditors and falsifying the books of Global Merces.
Anti-Money Laundering
Philippines: 26 Groups Jointly Call for Easing of Bank Secrecy Law
By Ranamita Chakraborty | 02/06/2021
The groups say the Philippines lags the world on bank secrecy and allows politicians and other government officials to hide unexplained wealth.
PEPs & Sanctions
Addressing Sanctions Risk in Maritime Trade
By Manesh Samtani | 02/06/2021
Banks facilitating transactions involving maritime trade must put in place systems and processes to detect illicit activity that could result in a breach of sanctions regulations.
Market Abuse
ASIC Outlines Expectations on Activist Short Selling
By Manesh Samtani | 02/06/2021
Activist short selling can have a positive impact on market integrity, however it can also unduly distort the price of a target entity’s securities, ASIC says.
Fraud, Scams & Cybercrime
Interpol Concludes APAC Operation Targeting Online Financial Crime
By Manesh Samtani | 02/06/2021
The six-month operation led to 585 arrests, more than 1,600 bank account freezes, and the interception of USD 83 million in illicit funds.
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