Financial Crime

Fraud, Scams & Cybercrime

Taishin Bank Employee Arrested in Taiwan for Embezzlement

By Sanday Chongo Kabange | 19/11/2020

The employee allegedly misappropriated over $10.5mn. The FSC described the case as “the biggest embezzlement case in Taiwan’s banking history”.

Conduct, Culture & Accountability

ASIC Drafts Reference Checking Protocol for Advisers, Mortgage Brokers

By Sanday Chongo Kabange | 19/11/2020

The Royal Commission recommended that reference checks be required for individuals seeking to be employed or authorised as a financial adviser or mortgage broker.

Market Abuse

Deloitte Appointed to Review RBNZ Processes After Accidental Disclosure

By Editors | 18/11/2020

A letter confirming RBNZ’s decision to introduce a Funding for Lending Programme was sent to financial services firms 45 early last week.

Anti-Money Laundering

The Need for Tranche 2 AML Reform in Australia

By Jeremy Moller | 18/11/2020

Norton Rose Fulbright’s Jeremy Moller highlights the advantages of regulating legal, accounting and real estate services under Australia’s AML laws, sooner rather than later.

Supervision & Enforcement

HKMA Finalises New Reporting Form for Consolidated Accounts

By Editors | 17/11/2020

The new Return of Consolidated Accounts will help the HKMA monitor banking sector developments and strengthen the consolidated supervision of locally incorporated banks.

Supervision & Enforcement

IMF Calls for Amendments to Philippine Bank Secrecy Laws

By Editors | 17/11/2020

The BSP should be granted “unimpaired access” to information on all customer accounts and the ability to employ and share depositor information for any prudential purpose.

Capital Adequacy

RBNZ Consults on Implementation of Bank Capital Changes

By Manesh Samtani | 17/11/2020

The RBNZ is consulting on new rules for the instruments that make up a bank’s capital, and proposed actions it will take if banks breach prudential capital buffer requirements.

Anti-Money Laundering

Philippine SEC Assesses Risk of Non-Profit Organisation Sector

By Editors | 17/11/2020

Based on the risk assessment, the SEC will implement “the most appropriate mitigation measures” to manage money laundering and terrorist financing risks.

Conduct, Culture & Accountability

Australia Introduces New Package of Royal Commission Reforms

By Editors | 15/11/2020

The package includes reforms to strengthen consumer protections, including by making industry codes enforceable and enhancing FIs’ breach reporting requirements.