Financial Crime

KYC & CDD

Philippines: PhilSys National ID System Draws 28m Registrations

By Editors | 22/04/2021

The issuance of PhilSys ID cards is expected to start within 2021, eventually replacing most other forms of government-issued ID.

Anti-Money Laundering

ABN Amro to Settle Dutch AML Probe for €480m

By Manesh Samtani | 22/04/2021

ABN Amro conducted inadequate client due diligence, assigned risk classifications in an incorrect manner, and fell short in alert processing, among other failures.

Fraud, Scams & Cybercrime

Mirae Asset Sues Shinhan Over Lime Fund Losses

By Sanday Chongo Kabange | 21/04/2021

Shinhan Bank has separately been ordered to repay up to 75 percent of investments it sold in Lime’s credit insured funds.

Anti-Money Laundering

Taiwan to Require Crypto Sector to Comply with AML Rules

By Sanday Chongo Kabange | 21/04/2021

Crypto exchanges and trading platforms will have to comply with AML requirements for conventional banks starting 1 July.

Credit Risk

RBI to Review Efficacy of Regulatory Framework for ARCs

By Editors | 21/04/2021

The RBI has set up an expert panel that will review the role of asset reconstruction companies in the resolution of stressed assets.

Anti-Money Laundering

FSS Korea Mulls New Crypto Rules to Counter ‘Kimchi Premium’

By Sanday Chongo Kabange | 20/04/2021

The plan is a response to growing suspicions that investors are purchasing bitcoin from overseas exchanges with the intent of selling them in Korea at a premium.

Anti-Money Laundering

European Commission Publishes Strategy to Combat Human Trafficking

By Sanday Chongo Kabange | 20/04/2021

The 5-year strategy includes the use of financial investigations and the development of a framework to identify, seize and confiscate criminal assets.

Market Abuse

Chinese Court Accepts First Class Action Against Listed Company

By Sanday Chongo Kabange | 20/04/2021

The CSRC said the lawsuit will help listed companies and intermediaries to improve their internal governance and standardise market operations.

Anti-Money Laundering

PBOC Finalises New AML Regulations for Financial Institutions

By Manesh Samtani | 20/04/2021

The new regulations take effect from 1 August 2021 and are applicable to non-bank financial institutions, overseas bank branches and holding subsidiaries.