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Supervision & Enforcement
ASIC Attributes Higher Industry Levies to Royal Commission Work
By Editors | 07/03/2021
ASIC’s regulatory work related to the Royal Commission recommendations involves higher-cost activities such as enforcement, supervision and surveillance.
KYC & CDD
GLEIF Sets Out Process for Validation Agent Trial Phase
By Editors | 07/03/2021
The goal of the Validation Agent role is to streamline the LEI issuance process by enabling FIs to directly liaise with LEI Issuers on clients’ behalf during onboarding.
Cryptocurrency
Ripple, Top Execs File Responses to SEC Complaint
By Manesh Samtani | 06/03/2021
At meetings with crypto trading platforms as recently as 2019, SEC staff did not indicate it may have considered XRP a security, Ripple says.
Anti-Money Laundering
GFI Offers Recommendations on Advancing FinCEN Reforms
By Editors | 06/03/2021
Global Financial Integrity says money laundered from tax evasion and illicit funds entering the US financial system from overseas are estimated at $1tr.
Supervision & Enforcement
Malaysia Secures Settlement from Deloitte to Resolve 1MDB Claims
By Editors | 05/03/2021
Malaysia’s Finance Ministry is also negotiating a settlement with KPMG, which was replaced by Deloitte as auditor of 1MDB in 2013.
Anti-Money Laundering
Singapore Banks Asked to Monitor Myanmar Fund Flows
By Manesh Samtani | 05/03/2021
MAS is concerned about financial crime risk. New cash withdrawal limits have been imposed in Myanmar. A military-owned bank has suspended operations.
Fraud, Scams & Cybercrime
Bursa Punishes RHB Representative for Unauthorised Trading
By Editors | 04/03/2021
The former representative committed the breaches for personal financial gain and attempted to conceal his misconduct from RHB Investment Bank’s management.
Fraud, Scams & Cybercrime
Singapore Cuts Down Time to Freeze Bank Accounts
By Ranamita Chakraborty | 04/03/2021
Singapore Police have collaborated with over 20 FIs to reduce the time it takes to freeze bank accounts with suspected links to scammers.
Market Abuse
MAS Bans Four Individuals Following False Trading Convictions
By Editors | 04/03/2021
Three former remisiers and one former insurance agent were banned following convictions connected to false trading in Catalist-listed Koyo International.
Fraud, Scams & Cybercrime
ASIC Charges Former Apogee Financial Adviser for Deception
By Editors | 03/03/2021
The ex-financial adviser obtained over A$1.5 million from Nulis Nominees, the trustee for the MLC Super Fund, on behalf of 168 clients.
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