Financial Crime

KYC & CDD

RegTech Asia 2020: Digital KYC, Onboarding & Authentication

By Editors | 04/10/2020

Digital transformation has accelerated in financial services amid the pandemic. But it has not come without risks.

PEPs & Sanctions

Ransomware Payments May Breach OFAC Regulations

By Sanday Chongo Kabange | 03/10/2020

OFAC makes clear in a new advisory that it may impose civil penalties if ransomware payments are made to sanctioned individuals or entities.

Anti-Money Laundering

BitMEX Founders Charged for Evading AML Requirements

By Editors | 03/10/2020

Four individuals were charged for “willfully” failing to establish, implement, and maintain an adequate AML programme that included a KYC component.

Conduct, Culture & Accountability

HKMA Directs Banks to Review, Enhance Sales Practices

By Manesh Samtani | 02/10/2020

A mystery shopping programme has identified product disclosure, risk profiling, and suitability assessment as some of the key areas where improvement is needed.

Anti-Money Laundering

FATF Upgrades China on Three Recommendations in Follow-up

By Manesh Samtani | 01/10/2020

This is to reflect progress on regulating online lending, guidance issued to online lending and other DNFBP sectors, and China’s prohibition on virtual asset activities.

Anti-Money Laundering

Taiwan to Set New AML/CFT Rules for Accountants

By Editors | 01/10/2020

Accountants will not be allowed to establish business relationships or conduct transactions with clients until their identities and actual beneficiaries are verified.

Fraud, Scams & Cybercrime

Korea to Amend Law to Protect Private Equity Fund Investors

By Editors | 01/10/2020

The revisions will enhance oversight and risk assessment of private equity funds, and prevent illiquid funds from being marketed to retail investors.

Conduct, Culture & Accountability

CFTC Settles Charges Against Citi Over Deleted Audio Recordings

By Editors | 01/10/2020

Citi’s audio preservation system deleted more than 2.77 million audio files, including recordings that were subject to a December 2017 CFTC subpoena.

Supervision & Enforcement

ASIC Commences Proceedings Against Cigno, BHF Solutions

By Editors | 01/10/2020

Both companies have been providing credit to a large number of consumers and charging “substantial fees”, without holding an Australian credit licence.