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KYC & CDD
Thailand to Tighten Crypto Exchange Account Opening Rules
By Sanday Chongo Kabange | 05/05/2021
Crypto exchanges will reportedly be required to verify customers’ identities using special machines that require Thai national IDs and physical presence.
Fraud, Scams & Cybercrime
Singapore Court Jails Former CFO for Loan Fraud
By Ranamita Chakraborty | 05/05/2021
The former CFO of Coastal Oil Singapore conspired with three colleagues to deceive 8 banks into disbursing over $300mn in loans.
Anti-Money Laundering
Ex-Netflix VP Convicted of Money Laundering, Fraud
By Sanday Chongo Kabange | 05/05/2021
The executive approved millions of dollars in contracts for Netflix to purchase IT products and services in exchange for kickbacks.
Conduct, Culture & Accountability
CBIRC Fines Shanghai Pudong Development Bank For Mis-selling
By Editors | 05/05/2021
The fine comes two weeks after the CBIRC accused the bank of failing to fully disclose the risks of a private placement investment product to investors.
Conduct, Culture & Accountability
HKMA Adjusts Scope of Mandatory Reference Checking Regime
By Manesh Samtani | 05/05/2021
The HKMA has adjusted the scope of the regime, shortened the record retention requirement, and lengthened the time allowed to respond to an MRC request.
PEPs & Sanctions
OFAC Penalises MoneyGram & SAP for Sanctions Violations
By Editors | 05/05/2021
In both cases, OFAC cited voluntary self-disclosures, the non-egregiousness of the violations, and remedial action as the reasons for the penalty amounts.
Anti-Money Laundering
BaFin Orders Deutsche Bank to Further Enhance AML Controls
By Sanday Chongo Kabange | 04/05/2021
Deutsche Bank is asked to further bolster safeguards against financial crime, including in its correspondent banking relationships and transaction monitoring.
Fraud, Scams & Cybercrime
BOT Creates Database to Guard Against Factoring Fraud
By Editors | 04/05/2021
The database acts as a centralised repository of factoring-related transactions to guard against counterfeiting, double financing and fraud.
Market Abuse
FSC Warns Against Illegal Moves as Korea Resumes Short-Selling
By Manesh Samtani | 03/05/2021
Korean regulators have been working to enhance protection measures for retail investors ahead of the partial resumption of short-selling on Monday.
Trading & Investment
China Consults on Expanded Scope of Futures Law
By Sanday Chongo Kabange | 03/05/2021
The revised draft expands the scope of the law to also cover “other derivatives”, while also raising penalties for violations.
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