Financial Crime

PEPs & Sanctions

FATF Adopts Measures to Mitigate Proliferation Financing Risk

By Editors | 25/10/2020

The changes are aimed at ensuring FIs and DNFBPs do not unwittingly support or become part of proliferation financing networks or schemes.

Fraud, Scams & Cybercrime

Hong Kong ICAC Charges Two Former AIA Agents With Fraud

By Sanday Chongo Kabange | 25/10/2020

A former district manager and former insurance agent each face one count of fraud in separate cases for submitting false income proof statements.

Supervision & Enforcement

Super Licensees Must Observe Controlling Stake Requirements: APRA

By Editors | 23/10/2020

Regulatory approval is required before a change in a superannuation licensee’s ownership occurs. Noncompliance may attract “severe penalties”.

Data Privacy

Philippine Privacy Watchdog Warns Against Misusing Borrower Data

By Sanday Chongo Kabange | 23/10/2020

Some online lenders are using illegally obtained personal data to shame or harass borrowers when they failed to meet their obligations.

Anti-Money Laundering

MAS Bans Former BSI Banker Over 1MDB ‘Secret Profits’

By Editors | 23/10/2020

The former banker received about $5mn in fund management fees in an entity he beneficially owned, at the expense of and without the knowledge of BSI Bank.

Anti-Money Laundering

AUSTRAC Wants Lawyers, Accountants Under its AML Remit

By Editors | 23/10/2020

AUSTRAC chief Nicole Rose expressed concerns that professional facilitators are being used to evade money laundering detection.

Anti-Bribery & Corruption

Australia Launches Bribery Prevention Network

By Editors | 23/10/2020

The Bribery Prevention Network aims to support Australian businesses in addressing bribery and corruption risks in domestic and international markets.

Fraud, Scams & Cybercrime

ICAC Charges Two With Conspiracy To Defraud Lender

By Sanday Chongo Kabange | 22/10/2020

The two falsely represented that 14 loan applications were referred to induce the licensed lender to pay about HKD 600,000 in referral fees.

Data Privacy

PBOC Fines Six Bank Branches for Customer Data Rights Breaches

By Editors | 22/10/2020

The $6mn in penalties against state-owned banks follows last week’s unveiling of what will be China’s first unified piece of national legislation on the protection of personal data.