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Anti-Money Laundering
US Hedge Funds Being Used for Money Laundering: FBI
By Manesh Samtani | 27/07/2020
A leaked FBI bulletin says US hedge funds and private equity firms are being used to facilitate money laundering, organised crime, and sanctions evasion.
Supervision & Enforcement
CBIRC to Delegate Insurance Supervision to Local Authorities
By Editors | 27/07/2020
Local authorities will assume regulatory responsibilities over 64 property insurers, while the CBIRC will retain oversight for the 36 larger institutions.
Fraud, Scams & Cybercrime
Hong Kong Court Sentences Ex-HKMEx Chairman to Four Years Jail
By Editors | 27/07/2020
The 62-year-old Barry Cheung was found guilty a week earlier of conspiracy to defraud the SFC into letting HKMEx keep its licence to provide automated trading services in Hong Kong.
KYC & CDD
BOT Green-lights Use of Facial Recognition Tech at Five Banks
By Editors | 26/07/2020
BOT has issued new guidelines on the use of biometric technology in financial services, and granted approval to five banks to use facial recognition in account opening.
Anti-Money Laundering
New Report Highlights Ineffectiveness of Global AML/CTF Systems
By Manesh Samtani | 25/07/2020
A lot of countries may have strong AML/CTF systems in place, but in practice they are not working, says a new report from the Basel Institute on Governance.
Fraud, Scams & Cybercrime
Australian Police Bust Tax Fraud Syndicate in ‘Coordinated Strike’
By Editors | 24/07/2020
The syndicate’s ringleader is alleged to have enlisted financial industry experts and former bankers to operate and facilitate the A$17mn tax fraud.
Supervision & Enforcement
UPDATED – Malaysia, Goldman Agree to Settle 1MDB Charges
By Editors | 24/07/2020
Malaysia will drop all criminal charges against Goldman Sachs in exchange for a $2.5bn cash payment and help recovering an additional $1.4bn from 1MDB-related assets seized globally.
Fraud, Scams & Cybercrime
Korea: Optimus Asset Management Accused of Fraud, Embezzlement
By Editors | 23/07/2020
Optimus Asset Management CEO Kim Jae-hyun misappropriated investor funds to personally invest in stocks, futures and options since 2018.
Operational Risk
APRA Urges Super Licencees to Simplify, Consolidate Products
By Editors | 23/07/2020
This level of choice in the super industry may work against competition, overwhelming members with the more than 40,000 available options, says APRA’s Helen Rowell.
PEPs & Sanctions
Singapore Court Fines Secretary Over North Korea Shipments
By Editors | 22/07/2020
The secretary pleaded guilty to three charges under the United Nations Act involving the shipment of luxury items to North Korea for her employer.
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