Financial Crime

Anti-Money Laundering

Global Coalition to Fight Financial Crime Expands Membership

By Sanday Chongo Kabange | 08/12/2020

Interpol and Western Union are among the five new additions to the GCFFC’s membership, bringing the total count to 18 organisations.

Anti-Money Laundering

The Best Weapon to Shut Down the Illegal Wildlife Trade

By Steve Galster | 07/12/2020

Freeland’s Steve Galster discusses new initiatives to stop illegal wildlife traffickers by hitting them where it hurts the most – in their bank accounts – and how financial institutions can help.

Credit Risk

APRA Orders Banks to Correct Deficient Securitisation Practices

By Editors | 07/12/2020

APRA has found a number of banks not in compliance with its prudential standard on securitisation. A review now underway will continue into 2021.

PEPs & Sanctions

US Designates Four More Companies as Linked to Chinese Military

By Manesh Samtani | 06/12/2020

US investors will be prohibited from buying securities issued by the four companies, which include CNOOC and SMIC, from 1 February 2021.

PEPs & Sanctions

China Imposes Reciprocal Sanctions Against Four US-Linked Individuals

By Editors | 06/12/2020

Four individuals at US-linked nonprofits are barred from entering China, including Hong Kong and Macau, for having “performed badly” over Hong Kong affairs.

Fraud, Scams & Cybercrime

Seoul Court Jails Daishin Securities Executive Over Fund Losses

By Editors | 06/12/2020

The FSC has also revoked the registration of Lime Asset Management, imposed a 950mn won fine against the firm and ordered the suspension of its staff and executive personnel.

Anti-Money Laundering

Australia Throws Out Bill to Criminalise Cash Payments Over A$10,000

By Editors | 06/12/2020

The bill would have imposed a fine of up to A$25,500 and two years’ jail for cash payments exceeding A$10,000. The bill is now “officially dead”, according to one senator.

Supervision & Enforcement

RBNZ Reprimands Pacific International Insurance Over Reporting Failures

By Sanday Chongo Kabange | 03/12/2020

The RBNZ says Pacific International Insurance’s poor history of non-compliance with regulatory reporting requirements continued despite repeated warnings.

Market Abuse

CSRC Investigates SOE and Auditor Over Bond Default

By Manesh Samtani | 03/12/2020

SOE defaults could pave the way for increased transparency, faster resolutions and more predictable outcomes for investors in the long run.