Financial Crime

PEPs & Sanctions

Typhoon Trump: Hong Kong Braces for US Sanctions

By Nick Turner | 08/06/2020

Nick Turner at Steptoe & Johnson discusses how sanctions could be imposed against Hong Kong. While current signs point to a limited US response, it’s best to be prepared.

Conduct, Culture & Accountability

CBA Ordered to Pay A$5m Over Agricultural Lending Products

By Editors | 08/06/2020

CBA’s failures were attributed to the highly manual nature of the systems it used to apply package benefits, and the lack of systems or processes to check whether customers were receiving said benefits.

Anti-Money Laundering

Europol Establishes New Financial and Economic Crime Unit

By Editors | 08/06/2020

The new unit will seek to support cooperation among EU law enforcement authorities, step up financial investigations, and cut off organised crime groups from their funding.

Credit Risk

CBIRC to Step Up Monitoring of Credit Risk in Banking Sector

By Editors | 08/06/2020

Companies obtaining loans under Covid-19 programmes are using the proceeds to invest in wealth management products, structured deposits, the stock market and the housing market.

Anti-Money Laundering

‘Global Coalition to Fight Financial Crime’ Formally Launches

By Editors | 07/06/2020

The GCFCC’s members include the Atlantic Council, Crime Stoppers International, EBF, Europol, FFIS, Freedom Seal, GFI, IIF, MENA FCCG, Rani’s Voice, Refinitiv, RUSI, and World Economic Forum.

Structural Regulation

MAS Issues Consultation Response on FRC Framework

By Editors | 07/06/2020

Regulated entities will no longer need to seek MAS approval prior to commencing business arrangements with foreign related corporations; a 14-day ex-post notification will instead be required.

Conduct, Culture & Accountability

New Zealand FMA Files High Court Proceedings Against ANZ

By Editors | 07/06/2020

ANZ issued over 300 duplicate credit card repayment insurance policies, charging double premiums for no additional cover, and failed to cancel policies for over 400 ineligible customers.

Fraud, Scams & Cybercrime

Woori, Shinhan to Pay Compensation on Lime Asset Losses

By Editors | 07/06/2020

Woori and Shinhan will pay about 50% of principal invested in three suspended Lime funds, preemptively, while the FSS decides on a final compensation ratio.

Anti-Money Laundering

Hong Kong ICAC Charges Four for Defrauding DBS Bank

By Editors | 07/06/2020

The individuals are charged for money laundering, bribery offences, and for using false documentation to defraud DBS into issuing letters of credit worth HK$75.3mn.