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PEPs & Sanctions
Stress Testing Your Sanctions Screening Effectiveness
By Manesh Samtani | 18/03/2021
Independent testing can serve as a functional, scientific and transparent approach to bolster the effectiveness and efficiency of sanctions screening systems.
Stablecoins
BOT Warns Against THB-Denominated Stablecoin
By Sanday Chongo Kabange | 18/03/2021
A stablecoin denominated in Thai baht has been developed overseas. Any activity involving the stablecoin is deemed illegal.
Anti-Money Laundering
FATF to Study Unintended Consequences of the FATF Standards
By Editors | 18/03/2021
The project will study issues such as de-risking, financial exclusion, the suppression of the NPO sector and threats to fundamental human rights.
Anti-Money Laundering
SFC Fines Yardley Securities for AML/CFT Breaches
By Editors | 17/03/2021
Yardley Securities processed and approved third party fund transfers without proper due diligence. Staff were not aware their employer had an MLRO.
PEPs & Sanctions
UPDATED – US Federal Judge Lifts Investment Ban Against Xiaomi
By Manesh Samtani | 17/03/2021
The judge said there was no evidence of Xiaomi sharing information with the Chinese government, and that the ban deprived the company of its right to due process.
Fraud, Scams & Cybercrime
CSRC Fines Fund Manager ¥1.1m for Fraud, Embezzlement
By Editors | 16/03/2021
Cornerstone Capital’s controlling shareholder was also fined for fabricating the financials of funds managed by the firm.
Supervision & Enforcement
S. Korea FSC Revises Supervisory Regulation on Insurance
By Ranamita Chakraborty | 16/03/2021
The foreign exchange position limit of insurance companies will be increased from 20 percent to 30 percent of the total adjusted capital.
Anti-Money Laundering
Fintel Alliance Secures Win Against ‘Cuckoo Smurfing’ Syndicate
By Ranamita Chakraborty | 16/03/2021
ANZ’s link analysis capability allowed the rapid interrogation of combined banking datasets, which led to the arrests of five individuals involved in an international cuckoo smurfing syndicate.
Anti-Money Laundering
Australia to Amend OBU Regime to Address OECD Concerns
By Ranamita Chakraborty | 15/03/2021
The government will consult with industry on alternative measures to ensure activity remains in Australia when the OBU regime ends.
KYC & CDD
HK, China Working to Simplify Cross-border Account Opening
By Editors | 15/03/2021
Regulators are reportedly working to simplify cross-border bank account opening processes to facilitate the launch of Wealth Management Connect.
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