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Anti-Bribery & Corruption
China Watchdog Exposes Corrupt Former Regulators
By Sanday Chongo Kabange | 28/05/2021
Regulators inspected Baoshang Bank on 50 occasions and deliberately avoided parts of the business that had significant potential risks.
KYC & CDD
Taiwan FSC Fines HK Company for Faulty Beneficiary Disclosure
By Editors | 28/05/2021
HK-based Capital Target Ltd was unable to verify the source of funds used to buy a 24% stake in Korean conglomerate Jih Sun Financial Holding in 2009.
Anti-Money Laundering
AFP, AUSTRAC Probe Payments via Adult Content Site – Report
By Editors | 28/05/2021
Banks and regulators are unable to establish who receives the payments via UK-based platform OnlyFans, which acts as an intermediary for content makers.
Conduct, Culture & Accountability
SFC Fines Ewarton Securities Over Staff Trading Controls
By Manesh Samtani | 27/05/2021
A lack of internal controls resulted in Ewarton’s failure to detect and prevent unauthorised or improper activities by a licensed representative.
Structural Regulation
Thailand SEC Approves New Criteria for SME Fundraising
By Sanday Chongo Kabange | 27/05/2021
The new fundraising criteria for SMEs and startups proposed by the stock exchange are expected to become effective this year.
Cryptocurrency
Korean Crypto Exchanges Face “Existential Crisis” – Report
By Sanday Chongo Kabange | 27/05/2021
Crypto exchanges have until 24 September to partner with banks on real-name accounts as a requirement for a business licence from the FSC.
Fraud, Scams & Cybercrime
UPDATE: Former Adviser Jailed for Six Years in Australia
By Ranamita Chakraborty | 27/05/2021
Former adviser Ross Andrew Hopkins misappropriated about A$2.9mn of client funds without their knowledge over three years.
Payments & Settlements
Taiwan to Enable Interoperability Between E-payment Providers
By Ranamita Chakraborty | 27/05/2021
Amendments due to take effect from 1 July will enable users of e-payment services and stored-value facilities to transfer money across platforms.
Anti-Money Laundering
RBNZ Takes Court Action Against TSB Bank for AML Failures
By Editors | 27/05/2021
The court action and pecuniary penalties sought are a result of TSB Bank not responding sufficiently to the RBNZ’s initial formal warning in 2016.
Conduct, Culture & Accountability
Korea FSS Orders IBK to Compensate Investors Over Mis-sold Funds
By Editors | 26/05/2021
The FSS said IBK failed to adequately inform customers of potential high risks and lacked internal controls to monitor the selling process.
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