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KYC & CDD
HKMA Issues Guidance on Remote Onboarding of Corporate Clients
By Editors | 25/09/2020
Onboarding processes should be designed reflecting the principle that CDD is not merely a document collection exercise, the HKMA says.
Market Abuse
Sri Lanka SEC to Procure New Surveillance System
By Duruthu E Chandrasekera | 24/09/2020
The SEC is planning to hire a consultant to assess its existing surveillance system and make recommendations on procuring a new system.
Anti-Money Laundering
Westpac, AUSTRAC Agree A$1.3bn Penalty for AML Breaches
By Manesh Samtani | 24/09/2020
If the Federal Court of Australia determines the penalty is appropriate, it will represent the largest ever civil penalty in Australian history.
KYC & CDD
FMA Blocks CLSA Premium NZ From Offering Derivatives
By Editors | 24/09/2020
The licence conditions will remain in place until CLSA Premium NZ lodges its audit and assurance reports for 2019.
Anti-Money Laundering
Westpac, AUSTRAC Close to Settlement Over AML Breaches
By Editors | 24/09/2020
The final penalty amount, which could reach as high as A$1.5bn, is expected to be announced at a joint press conference in coming days.
Anti-Money Laundering
FinCEN Files: Philippine Money Remitters Named in SARs
By Manesh Samtani | 23/09/2020
Philrem and Werquick used local banks to wire funds for unidentified customers without identifying source of funds, the true beneficiary, or the purpose of the transactions.
Fraud, Scams & Cybercrime
China Market Supervisor Issues Fines Against Luckin Coffee
By Editors | 22/09/2020
Luckin was able to falsely inflate revenue, costs and profits last year with the help of 43 third-party companies, which have also been fined.
Market Abuse
SFC Suspends Former Licensed Rep for Over Discretionary Trading
By Editors | 22/09/2020
The former Ewarton Securities representative placed his own orders within 30 seconds ahead of those placed for the client’s account.
KYC & CDD
Sri Lanka: CSE Enables Digital ID Verification for Account Opening
By Duruthu E Chandrasekera | 22/09/2020
The CSE and Central Depository System can digitally verify national ID card details against information held by the Department for Registration of Persons.
Anti-Money Laundering
Pakistan Passes Three More FATF-related Bills
By Editors | 22/09/2020
A joint parliamentary session was convened after the three bills were rejected by the Senate last month. FATF is set to assess Pakistan’s progress next month.
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