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KYC & CDD
HK Banks Told to Stop Accepting BNO Passports as Valid ID
By Editors | 09/02/2021
The HKAB updated its guidance for banks after the government said it would no longer recognise BN(O) passports as valid travel documents or forms of identity.
Fraud, Scams & Cybercrime
Luckin Coffee Files for Bankruptcy to Facilitate Restructuring
By Editors | 08/02/2021
Luckin said it will continue to pay suppliers, vendors and employees while it negotiates with its stakeholders regarding a restructuring of its financial obligations.
Market Abuse
Korea FSS Seeks Prosecution of Hana Financial CEO
By Editors | 08/02/2021
The regulator said it discovered illegal trading activities by CEO Lee Jin-kuk during an inspection of Hana Financial Investment last year.
KYC & CDD
Foreign Banks Penalised in Taiwan for Facilitating FX Speculation
By Editors | 08/02/2021
Deutsche Bank is permanently banned from trading TWD deliverable and non-deliverable forwards. ING, ANZ and Citi received lesser punishments.
Structural Regulation
CBIRC Evaluates Corporate Governance at Non-bank Institutions
By Editors | 07/02/2021
Some financial leasing, enterprise group finance, auto finance, and consumer finance companies have been unwilling or unable to enhance governance and internal controls.
Structural Regulation
Greater Bay Regulators Sign MoU on Wealth Management Connect
By Manesh Samtani | 07/02/2021
The regulators agree to issue guidance to banks on product due diligence, investor protection, AML/CFT requirements and personal data protection, among other areas.
Operational Risk
RBI Issues Guidance to Enhance Internal Audit Function at NBFCs, UCBs
By Sanday Chongo Kabange | 07/02/2021
Internal audit frameworks of select NBFCs and UCBs will have to include an evaluation of the risk management systems and control procedures used in various areas of operations.
Anti-Money Laundering
PBOC, SAFE Issue AML Guidelines for Cross-border Business
By Editors | 06/02/2021
The guidelines apply to cross-border activities using domestic or foreign currencies, as well as domestic activities using foreign currencies.
Market Abuse
London Trader Jailed for LIBOR Manipulation Released
By Editors | 05/02/2021
Tom Hayes told Bloomberg this week that efforts to replace LIBOR were pointless and that the rate was far safer now.
Supervision & Enforcement
Korea FSS to Punish Top Woori, Shinhan Executives – Report
By Editors | 04/02/2021
Woori Financial Group’s chairman may be suspended from his duties, while the Shinhan Bank’s chief executive may receive a reprimand warning.
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