Financial Crime

Anti-Money Laundering

SFC Fines Guotai Junan Securities for AML and Other Breaches

By Editors | 22/06/2020

Guotai Junan Securities was fined for regulatory breaches in connection with AML, third party fund transfers, placing activities, and wash trade detection and reporting.

Fraud, Scams & Cybercrime

BaFin Efficacy Called into Question for Wirecard Handling

By Manesh Samtani | 22/06/2020

Last February, BaFin responded to whistleblower allegations and critical media reports by banning short-selling in Wirecard and filing criminal charges against journalists.

Supervision & Enforcement

Australia: Banks Work Towards Swift Resolution of Advice Failures

By Editors | 22/06/2020

Larger than required remediation payments could be fast-tracked for all clients by forgoing the years of work needed to locate advice files and calculate individual payments.

KYC & CDD

Sri Lanka’s ‘Special Deposit Account’, a Recipe for Disaster

By Duruthu E Chandrasekera | 22/06/2020

A CBSL scheme announced in April to drive inward remittances and investment may risk Sri Lanka falling back into the FATF’s grey list, says Duruthu Chandrasekera.

Fraud, Scams & Cybercrime

ATO Warns of Penalties for Wrongful Early Super Withdrawal

By Editors | 21/06/2020

The ATO is using income tax returns and other data to ascertain whether applicants are in fact eligible. Those making false statements to meet the eligibility criteria will face penalties.

PEPs & Sanctions

Singapore Court Charges Two for North Korea Linked Bank Fraud

By Editors | 21/06/2020

The two are accused of falsifying invoices to conceal from UOB and OCBC the sale of sugar to North Korea entities. One of the individuals is also on the FBI’s most-wanted list.

Anti-Money Laundering

European Fintechs Launch New Industry Association

By Editors | 19/06/2020

The European FinTech Association will seek to remove cross-border barriers in financial services, including to streamline fragmented AML rules and address IBAN discrimination.

Market Abuse

CFTC Settles Deutsche Bank Spoofing, Swaps Reporting Cases

By Editors | 19/06/2020

Deutsche Bank will pay $9mn for violating swap data reporting requirements during a system outage, and $1.25mn for spoofing carried out by two Tokyo-based traders.

Market Abuse

SFC Publicly Criticises CICC Units for Breaching Takeovers Code

By Editors | 19/06/2020

CICC and CICC Financial Trading – as associates of the CICC securities unit advising on certain offers – dealt in the relevant securities without making timely disclosures.