Financial Crime

Anti-Money Laundering

UK FCA Fines Commerzbank $47m for 5 Years of AML Failures

By Editors | 19/06/2020

Commerzbank’s London Branch failed to conduct periodic due diligence on clients, address transaction monitoring weaknesses, and to have adequate CDD policies and procedures in place.

Cybersecurity

HKMA Publishes Banking Sector Talent Gap Findings

By Editors | 18/06/2020

Key skill gaps in the banking workforce were identified in areas relating to technology and data, cybersecurity, core banking knowledge, regulation and compliance, and climate risk management.

Supervision & Enforcement

High-level Panel Proposes Overhaul of SEBI Enforcement Mechanism

By Editors | 18/06/2020

The panel says intermediary regulations need to be amended to speed up enforcement action, and that SEBI should be granted the authority to seize assets subject to investigation.

Anti-Bribery & Corruption

China: Former Insurance Regulator Jailed on Corruption Charges

By Editors | 18/06/2020

Xiang was fired from his post as the CIRC’s chairman in April 2017, and placed under investigation for accepting CNY 18.6 million in bribes between 2005 and 2017.

Anti-Money Laundering

AUSTRAC Given Two Month Deadline for New Westpac Claims

By Editors | 17/06/2020

Separately, APRA has delegated enforcement powers to ASIC, allowing it to seek fines or banning orders if Westpac is found to have breached banking laws.

Cryptocurrency

India Considers Next Steps to Regulate Cryptocurrency

By Editors | 17/06/2020

Market commentators believe that a recent Supreme Court decision has prompted the government to work towards a new regulatory approach, rather than an outright ban.

Anti-Money Laundering

Green Crime: A Global Challenge Requiring a Global Response

By Editors | 17/06/2020

A coherent global response and unifying standards are needed to tackle illegal wildlife trade and environmental crime. Financial institutions have a crucial role to play.

Trading & Investment

FSC Korea to Enhance Regulatory Framework for Crowdfunding

By Editors | 17/06/2020

SMEs will be allowed to raise funds through crowdfunding platforms, and the capital raising limit will be raised, among other enhancements to the existing framework.

Market Abuse

Former CSRC Official Jailed for 12 Years for Bribery, Insider Trading

By Editors | 16/06/2020

The case against the CSRC’s former Hunan bureau head was said to be linked to a probe into CSRC former vice chairman Yao Gang, who was jailed for 18 years in 2018.