Financial Crime

PEPs & Sanctions

OFAC Sanctions Adult Children of Myanmar Military Leader

By Editors | 11/03/2021

The two adult children of the commander-in-chief of Myanmar’s military, Min Aung Hlaing, and six of their companies, have been designated by OFAC.

Operational Risk

US Fed Threatens Supervisory Action for Slow LIBOR Work

By Manesh Samtani | 11/03/2021

Guidance for examiners suggests supervisory actions for firms that are not ready to stop issuing LIBOR-based contracts by end-December.

Fraud, Scams & Cybercrime

Singapore Police Arrest Man Over China Official Impersonation Scam

By Editors | 11/03/2021

The man received over S$209,000 from a woman who was told she was under investigation and needed to resolve the case.

KYC & CDD

SWIFT Embeds ESG Due Diligence in KYC Registry

By Editors | 11/03/2021

The integration of the ICC’s Guidelines into SWIFT’s KYC Registry allows corporates to only complete and update a single form to provide ESG information to different banking partners.

Fraud, Scams & Cybercrime

ICAC Charges Former AIA Employees for Fraud

By Editors | 11/03/2021

A former district manager and former insurance agent jointly face three counts of fraud for allegedly deceiving AIA into paying them commissions for three insurance policies.

Supervision & Enforcement

Korean Bankers Grow Fearful of ‘Unilateral’ Regulatory Penalties

By Sanday Chongo Kabange | 11/03/2021

Korea Federation of Banks chairman says the punishments imposed against executives whose banks sold Lime funds are seen by many as a way to shift blame.

Anti-Money Laundering

FSC Korea Proposes New Penalty Standards for VASPs

By Editors | 11/03/2021

FIs and VASPs can be penalised for failing to report and maintain records of suspicious transactions, and failures to properly manage customers’ transactions records.

Payments & Settlements

Myanmar Banks Fail to Resume Operations Despite CBM Order

By Ranamita Chakraborty | 11/03/2021

The banking sector is not fully operational due to staff shortages as employees take part in nationwide protests against the military government.

Trading & Investment

Travel Restrictions Holding Up Wealth Management Connect

By Manesh Samtani | 10/03/2021

PBOC official Bai Hexiang said the Wealth Management Connect scheme can be implemented once people can travel freely between Hong Kong, Macau and the mainland.