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KYC & CDD
Taiwan Financial Firms Call for KYC Rule Changes
By Editors | 04/07/2020
Taiwanese financial firms are asking the FSC to allow identity authentication methods other than the unwieldy government-issued Citizen Digital Certificates.
Supervision & Enforcement
CBIRC Strengthens Administrative Procedures for Penalising Illegal Acts
By Editors | 04/07/2020
The maximum administrative penalties for illegal acts are effectively increased to ¥5mn for banking institutions and ¥500,000 for banking industry personnel.
Credit Risk
RBI Asks Banks, NBFCs to Adopt New Classification Norms for MSMEs
By Editors | 03/07/2020
Banks and NBFCs have to classify enterprises as micro, small or medium based on new thresholds for turnover and investment in plant and machinery or equipment.
Fraud, Scams & Cybercrime
Economic Downturn Presents Opportunities for Corporate Fraud
By Chris Fordham | 03/07/2020
Drawing from the Fraud Triangle Theory, Alvarez & Marsal’s Chris Fordham discusses how the current crisis has created a perfect storm for fraud and misconduct.
Anti-Money Laundering
Automatic Exchange Uncovers €10tr in Offshore Accounts in 2019
By Editors | 02/07/2020
The automatic exchange of information by tax authorities in nearly 100 countries uncovered data on 84 million accounts held offshore in 2019.
Supervision & Enforcement
APRA Heatmap Having Desired Effect on Super Fees
By Editors | 02/07/2020
APRA is putting more than a dozen MySuper trustees on notice that it is considering enforcement action against those that continue to underperform on fees.
Anti-Money Laundering
BCBS Updates AML Guidance to Advance Supervisory Cooperation
By Editors | 02/07/2020
Prudential and AML/CFT supervisors should establish an effective cooperation mechanism regardless of the institutional setting, the updated guidelines say.
Fraud, Scams & Cybercrime
FSC Korea Introduces Legislative Revisions on Predatory Lending
By Editors | 02/07/2020
The maximum annual interest rate will be limited to 6%, compared to 24% under the current law. Maximum penalties will also be raised.
Anti-Money Laundering
New FATF President Presents Objectives For Two-Year Term
By Editors | 01/07/2020
FATF President Marcus Pleyer will prioritise work on digital transformation, racially motivated terrorism, migrant smuggling, environmental crime, and illicit arms trafficking.
Fraud, Scams & Cybercrime
Korea: Optimus Asset Management Ordered to Suspend Business
By Editors | 01/07/2020
Company executives will be removed and designated administrators will take over their duties. Optimus is accused of fabricating depository statements sent to brokers.
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