Financial Crime

KYC & CDD

HKMA Issues Revised AML/CFT Guideline for SVF Licensees

By Editors | 20/09/2020

SVF licensees are given until 2 July 2021 to implement appropriate measures consistent with the revised guideline, which includes guidance on remote on-boarding.

Anti-Money Laundering

SFC Revises AML/CFT Guidelines for Securities Sector

By Manesh Samtani | 20/09/2020

The proposed amendments seek to align the SFC’s guidelines with the FATF guidance for adopting a risk-based approach in the securities sector.

Anti-Money Laundering

FinCEN Seeks Comments on Enhancing Bank AML Effectiveness

By Editors | 20/09/2020

One of the proposals is to incorporate an “effective and reasonably designed” AML programme component to empower FIs to allocate resources more effectively.

Fraud, Scams & Cybercrime

Wirecard: The Biggest FinTech Success and Failure Story of All Time

By Oonagh van den Berg | 17/09/2020

Wirecard will be a compliance and audit training reference point for years to come, says compliance expert Oonagh van den Berg, recounting the warning signs in the years-long lead up to its collapse.

Emerging Prudential Risks

CBIRC Steps Up Efforts to Control Risks in Internet Finance

By Sanday Chongo Kabange | 17/09/2020

Regulators are working to include internet lending in credit reference systems, and to make it easier to jointly punish dishonest borrowers.

Anti-Money Laundering

Chinese Police Target Offshore Gambling via E-Commerce Platforms

By Editors | 17/09/2020

Chinese police say at least $2bn has been laundered to offshore gambling sites through fake e-commerce purchases and other methods.

Alternative Markets

CSRC Issues Draft Rules for Private Equity Funds

By Editors | 17/09/2020

The rules seek to address concerns that some private equity funds are being used as vehicles for public fundraising and qualified investor requirements are being circumvented.

Market Abuse

Singapore Convicts Three Individuals for Unauthorised Trading

By Editors | 16/09/2020

The former trading representatives acted on the instructions of a fourth individual to use accounts belonging to family, friends and clients to buy and sell Skyone shares.

Anti-Money Laundering

AUSTRAC Fines State Street Over IFTI Reporting Breaches

By Editors | 16/09/2020

State Street Bank and Trust failed to report IFTIs on 99 occasions. There is no suggestion that the transactions were suspicious or that there were CDD deficiencies.