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Fraud, Scams & Cybercrime
US SEC Settles Luckin Coffee Fraud Charges for $180m
By Editors | 17/12/2020
Luckin materially misstated its revenue, expenses, and net operating loss to falsely appear to achieve rapid growth and increased profitability, the SEC said.
Anti-Money Laundering
Korea’s FIU Upgrades AML System to Boost Processing Capacity
By Editors | 17/12/2020
The upgraded AML system has increased KoFIU’s processing capacity by about five times, helping it address an increasing number of suspicious transaction reports it receives.
Capital Adequacy
ECB Eases Restrictions on Bank Dividends, Share Buybacks
By Editors | 17/12/2020
A continued prudent approach remains necessary until 30 September 2021, given the persisting economic uncertainty, the ECB says.
PEPs & Sanctions
MSCI, Nasdaq Announce Removal of Chinese Companies from Indices
By Editors | 17/12/2020
MSCI, Nasdaq, S&P Dow Jones Indices and FTSE Russell have now all announced the removal of Chinese companies from their indexes to comply with last month’s executive order.
Anti-Bribery & Corruption
CSRC Suspends Credit Rating Agency, Orders Improvements
By Editors | 16/12/2020
The rating agency has been asked to carry out a comprehensive rectification programme, strengthen internal controls, and improve the quality of its ratings.
Credit Risk
PBOC to Improve Supervision Over Bond Rating Agencies
By Editors | 16/12/2020
PBOC vice president Pan Gongsheng said the development of China’s bond market was being hindered by false high ratings and insufficient discrimination among issuers’ credit risk.
KYC & CDD
Hong Kong Set to Tighten Rules for Digital Wallets July 2021
By Editors | 15/12/2020
Non-real-name account holders will not be able to transfer money to other banks or e-wallets, or make cross-border remittances.
Supervision & Enforcement
ASIC Sues Three Firms For Illicitly Offering FX Margin Trading
By Sanday Chongo Kabange | 15/12/2020
ASIC alleges Union Standard provided trading in margin FX products to clients in China in circumstances where it was illegal for Chinese residents to deal or trade in those products.
KYC & CDD
Regulation Asia Awards for Excellence 2020 – Results Announcement
By Editors | 15/12/2020
Regulation Asia held its third annual Awards ceremony on 15 December 2020 to recognise those in the industry that have helped address changing regulatory requirements in Asia Pacific over the past year.
Model Risk
PwC Wins Consulting Firm of the Year in Regulation Asia Awards
By Editors | 15/12/2020
PwC has been supporting banks across ASEAN with BCBS 239 compliance, LIBOR transition, data governance and IFRS 9 model development and validation.
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