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Anti-Money Laundering
Wolfsberg Group Outlines Steps to AML/CTF Effectiveness
By Manesh Samtani | 13/08/2020
FIs should consider adopting technology such as AI and machine learning more widely. The Wolfsberg Group “strongly encourages” participation in PPPs.
Anti-Bribery & Corruption
Taiwan FSC Initiates Probe into Taipei Fubon Bank President
By Editors | 12/08/2020
Taipei Fubon Commercial Bank’s president is alleged to have asked subordinates to approve a $30mn loan to a loss-making China-based health supplement company for his own benefit.
Anti-Money Laundering
Australia Police Arrest Three on Money Laundering Charges
By Editors | 12/08/2020
Two of the men are accused of laundering tens of millions of dollars for an international money laundering organisation which includes several high-value targets of Australian law enforcement.
Conduct, Culture & Accountability
SFC Bans Account Exec for 18 Months Over Discretionary Trading
By Editors | 12/08/2020
The former China Tonghai Securities account executive effected over 6,000 trades in a client’s account on a discretionary basis for almost 7 years without authorisation.
Fraud, Scams & Cybercrime
ICAC Charges Former Dah Sing Bank Manager with Fraud
By Editors | 12/08/2020
The former financial planning manager falsely represented to a client that taking out an insurance policy was a prerequisite for opening a corporate bank account.
PEPs & Sanctions
FinCEN to Lift 13 Year Old Sanctions on Macau’s Delta Asia Bank
By Editors | 12/08/2020
The sanctions were imposed under the USA Patriot Act in 2007 due to the bank’s suspected involvement with North Korean money laundering and other illegal financial activities.
Anti-Money Laundering
New Zealand FIU Boasts ‘Excellent Outcomes’ in June
By Editors | 12/08/2020
June saw the restraint of NZ$140mn from alleged money launderer Alexander Vinnik and the seizure of over 30 high-end cars from outlaw motorcycle gangs.
PEPs & Sanctions
China Imposes Reciprocal Sanctions Against US Officials
By Editors | 10/08/2020
“China has decided to impose sanctions on those individuals who behaved badly on Hong Kong-related issues,” said a spokesperson, without specifying what the sanctions would entail.
Supervision & Enforcement
APRA to Recommence Policy Work, Licensing Activity
By Editors | 10/08/2020
APRA will recommence public consultations on high-priority prudential policy reforms, and begin accepting new licence applications in September.
Supervision & Enforcement
CBIRC Fines Industrial Bank for Illegal Use of Interbank Funds
By Editors | 10/08/2020
Industrial Bank’s Shanghai branch used the funds for equity investments, government financing, and to pay land transfer fees.
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