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PEPs & Sanctions
China Should Reduce SWIFT Use in Case of US Sanctions – Report
By Editors | 30/07/2020
China should prepare for potential US sanctions by increasing the use of CIPS for cross-border transactions, and by developing legislation similar to the EU’s blocking statute.
Fraud, Scams & Cybercrime
HK Police Arrest Five in Transnational Credit Card Fraud Probe
By Editors | 29/07/2020
The syndicate members allegedly used credit card details stolen from cardholders in Singapore, US and Europe to make fraudulent online purchases of electronic products in Hong Kong.
Market Abuse
SEBI Offers One-time Settlement for 500+ Errant Brokers
By Editors | 29/07/2020
SEBI identified instances where trading participants were consistently making losses on stock options trading, only to reverse the losses later in the day or the next day.
Anti-Money Laundering
Sri Lanka Fines 2 Banks, 3 Finance Firms for AML Failures
By Duruthu E Chandrasekera | 29/07/2020
Sri Lanka’s FIU has revealed that two banks and one finance company were penalised in 2019, and two other finance companies in 2020.
Trading & Investment
New Zealand FMA Warns Derivatives Issuers to Ensure Compliance
By Sanday Chongo Kabange | 29/07/2020
Self-assessments by derivatives issuers have identified risks stemming from the way they handle client money, provide advice to retail clients, and handle vulnerable customers.
Anti-Money Laundering
MAS Revokes Capital Markets Licence for AML Breaches
By Editors | 28/07/2020
Apical Asset Management lacked basic AML/CFT controls despite complex ownership structures used by some of its clients. Its two directors were reprimanded.
Anti-Bribery & Corruption
Court Convicts Former Malaysian PM in 1MDB-linked Corruption Trial
By Editors | 28/07/2020
Najib Razak was found guilty of three counts of criminal breach of trust, three counts of money laundering and one count of abuse of power.
Anti-Money Laundering
Westpac Issues Update on Threshold Transaction Reporting Issues
By Editors | 28/07/2020
Westpac says it failed to report about 175,000 transactions to AUSTRAC as required, and may have filed 365,000 TTRs incorrectly.
KYC & CDD
HSBC Launches 24/7 Digital Account Opening in Malaysia
By Editors | 28/07/2020
The new account opening service is aimed at minimising physical contact in compliance with new social distancing norms due to the Covid-19 pandemic.
Trading & Investment
Why Do Electronic Traders Cancel Orders?
By Jamil Nazarali | 28/07/2020
Jamil Nazarali at Citadel Securities explains what ever-increasing speeds for issuing and canceling orders tell us about today’s market structure.
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