Financial Crime

Operational Risk

US Regulators to Reprimand Citigroup Over Risk Management

By Editors | 16/09/2020

The Federal Reserve and OCC are expected to require Citigroup to develop and execute a plan to improve its risk management systems.

Fraud, Scams & Cybercrime

Japan FSA Probes E-money Providers as More Thefts Emerge

By Sanday Chongo Kabange | 16/09/2020

NTT Docomo has reported additional cases of thefts through its e-money service. Japan Post Bank has identified similar thefts via five other operators.

PEPs & Sanctions

DOJ Charges Three for North Korea Sanctions Breaches

By Sanday Chongo Kabange | 15/09/2020

Two North Koreans and one Malaysian allegedly used front companies to deceive US banks into processing transactions for North Korean customers.

Structural Regulation

APRA, ACCC Update MoU on Financial Sector Cooperation

By Sanday Chongo Kabange | 15/09/2020

APRA and the ACCC agree to a proactive approach to engagement, which includes regular, senior-level liaison meetings and a greater emphasis on information sharing and collaboration.

Anti-Money Laundering

FATF Details Virtual Asset Red Flags for Detecting Criminal Activity

By Editors | 15/09/2020

This report will help VASPs, FIs, DNFBPs, and other reporting entities detect and report suspicious transactions, and national authorities detect criminal activity.

Market Abuse

Korea to Strengthen Penalties for Naked Short Selling

By Manesh Samtani | 15/09/2020

Under a new bill, unauthorised short selling can be punished criminally, in addition to a penalty up to 300% of profits obtained or losses avoided through the short selling.

Capital Adequacy

PBOC Publishes Final Rules for Financial Holding Companies

By Editors | 14/09/2020

Existing groups that meet the requirements have 12 months to apply to the PBOC for establishment and licensing, with at least CNY 5 billion in registered capital.

Cybersecurity

Bangladesh Bank Offers Assurances on Cybersecurity at Banks

By Duruthu E Chandrasekera | 14/09/2020

Bangladesh banks in facing renewed cyber threats last month, but their regulator, Bangladesh Bank, says the situation is under control.

Anti-Money Laundering

Leveraging Data & Tech in Financial Crime Compliance

By Manesh Samtani | 14/09/2020

The pandemic has been an agent for accelerated change in operational and frontline functions. Financial crime compliance teams need to get in on the act.