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Anti-Money Laundering
RBNZ Investigates Two Banks Over AML Compliance
By Editors | 26/11/2020
The RBNZ is also looking into compliance issues eight banks have identified with transaction reporting requirements over the past six months.
Conduct, Culture & Accountability
SFC Bans Ex Sun Hung Kai Account Exec Over Discretionary Trading
By Editors | 26/11/2020
The former licensed representative effected transactions in two clients’ accounts on a discretionary basis without obtaining prior written authorisations or senior management approval.
Conduct, Culture & Accountability
SFC Bans Ex-StanChart Banker For Concealing Personal Trades
By Editors | 25/11/2020
The SFC’s decision followed a referral from the HKMA, which discovered that the former banker also wilfully misrepresented himself to the Appeals Tribunal.
Fraud, Scams & Cybercrime
Taiwan FSC Fines E.Sun Commercial Bank Over Client Theft
By Editors | 25/11/2020
A customer relationship manager stole TWD 140 million from 41 clients over seven years. The bank has been fined and two of its executives were suspended.
Anti-Money Laundering
AUSTRAC Reports on Fintel Alliance Efforts to Combat Criminal Threats
By Manesh Samtani | 25/11/2020
AUSTRAC has developed an algorithm that enables Fintel Alliance to detect suspicious financial patterns while protecting the privacy of underlying reporting entities and personal data.
Anti-Money Laundering
NSW Police, AUSTRAC Disrupt Money Laundering Operation
By Editors | 25/11/2020
Two men have been arrested and charged over illegal transfers of currency into offshore accounts as part of an investigation that began in June.
Anti-Money Laundering
FATF President Calls on G20 to Fully Implement AML Standards
By Manesh Samtani | 24/11/2020
Marcus Pleyer says not all G20 members have taken effective action to make a real difference, despite their public calls for full implementation of the FATF standards.
Fraud, Scams & Cybercrime
China Vows ‘Zero Tolerance’ for Bond Issuer Misconduct
By Editors | 24/11/2020
The FSDC will strictly investigate any bond issuer suspected of fraudulent issuance, false disclosure, malicious transfers of assets, or misappropriation of funds.
KYC & CDD
South Pacific Nations Complete First Phase of KYC Facility Project
By Editors | 22/11/2020
The KYC facility will improve CDD processes and AML/CFT compliance, and support the provision of correspondent banking services to Pacific Island nations.
Market Abuse
China Bond Default Shock Prompts NAFMII Underwriter Probe
By Manesh Samtani | 19/11/2020
Haitong Securities, Industrial Bank, China Everbright Bank, Zhongyuan Bank are suspected of violations, as recent defaults prompt concerns over the health of SOEs.
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