Financial Crime

PEPs & Sanctions

FATF Releases Draft Guidance on Proliferation Financing Risk

By Manesh Samtani | 02/03/2021

The FATF is seeking feedback on the guidance from financial institutions and DNFBPs and will revise the text ahead of June 2021 discussions.

Fraud, Scams & Cybercrime

UK Court Clears Extradition of Nirav Modi to India

By Ranamita Chakraborty | 02/03/2021

Indian diamond billionaire Nirav Modi has been a key suspect in the $2bn fraud at Punjab National Bank, which was first reported three years ago.

Anti-Bribery & Corruption

China Renews Anti-corruption Drive with Global Crackdown

By Editors | 02/03/2021

Several government departments including the PBOC will work together to track down corrupt Chinese fugitives and recover ill-gotten gains.

Fraud, Scams & Cybercrime

Huawei Launches Hong Kong Court Proceedings Against HSBC

By Editors | 02/03/2021

Huawei is seeking internal HSBC documents it says will help it defend against its CFO Meng Wanzhou’s extradiction to the US to face bank and wire fraud charges.

KYC & CDD

Philippine SEC Orders Corporations to Declare Beneficial Owners

By Ranamita Chakraborty | 01/03/2021

Corporations in the Philippines have until 31 March to submit an online form declaring their beneficial owners, principals and nominee arrangements.

Anti-Money Laundering

NZ Real Estate Agent Reprimanded for AML Non-Compliance

By Editors | 01/03/2021

Property Brokers Limited is required to take immediate action to rectify all areas of non-compliance and will continue to be closely monitored by DIA officials.

Structural Regulation

HK Audit Regulator to Probe Convoy Financial Statements

By Ranamita Chakraborty | 01/03/2021

Zhonghui Anda CPA Limited may have failed to express an appropriate audit opinion in three years of Convoy’s financial statements, the Financial Reporting Council said.

Supervision & Enforcement

Malaysia Secures Settlement from AmBank to Resolve 1MDB Claims

By Editors | 01/03/2021

AmBank was used by former prime minister Najib Razak to receive billions of ringgit linked to a 1MDB unit between 2014 and 2015.

PEPs & Sanctions

NYSE Announces Decision to Delist Chinese Oil Major CNOOC

By Editors | 01/03/2021

The decision was made in light of Executive Order 13959, which was signed in November, and updated guidance provided by OFAC in January.