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Anti-Money Laundering
MAS Penalises Bank J. Safra Sarasin for SoW/SoF Failures
By Manesh Samtani | 14/04/2021
The bank failed to establish the source of wealth and source of funds of customers and beneficial owners of higher-risk customers, MAS said.
Trading & Investment
US SEC Identifies Accounting Issues with SPAC Listings
By Sanday Chongo Kabange | 14/04/2021
Some warrants issued to early SPAC investors may have been recorded as equity instruments when they should have instead been recorded as liabilities.
KYC & CDD
Digital ID Perceived As Beneficial in Combatting Financial Crime
By Manesh Samtani | 14/04/2021
Digital IDs are perceived as beneficial for the fight against financial crime, an ACAMS-RUSI survey finds. However they may also present risks.
AI Risk & Governance
FSC Korea to Create Policy on Use of AI in Financial Services
By Editors | 14/04/2021
The policy seeks to improve fairness and transparency, and protect consumers from newly emerging financial crimes.
Cloud & Infrastructure
China: CFCA Starts to Embed LEIs in Digital Certificates
By Manesh Samtani | 14/04/2021
The China Financial Certification Authority has also become the first certification authority to become a validation agent in the Global LEI System.
Fraud, Scams & Cybercrime
HSBC Agrees to Share Documents in Meng Extradition Case
By Editors | 14/04/2021
A Hong Kong judge has approved an agreement between Huawei and HSBC that includes document sharing by the bank, with some redactions.
KYC & CDD
Thailand to Require UBO Transparency in Bond Markets
By Editors | 14/04/2021
Non-residents who invest in debt securities in Thailand are required to open Segregated Securities Accounts with custodians at the UBO level.
Anti-Money Laundering
Singapore Court Jails Money Mule for Over 3.5 Years
By Ranamita Chakraborty | 13/04/2021
The woman received more than S$730,000 in criminal proceeds in various bank accounts she set up for her “online lover”.
Conduct, Culture & Accountability
SEBI Fines Yes Bank, Three Others for Mis-selling AT1 Bonds
By Editors | 13/04/2021
SEBI says Yes Bank misled individual investors into buying risky AT1 bonds and did not inform them of the risks involved or conduct risk profiling.
Market Abuse
Australian Charged With Insider Trading Over Diamond Discovery
By Editors | 13/04/2021
The man traded while in possession of inside information relating to a diamond discovery by Lonrho Mining in Africa in 2012.
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