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Market Abuse
S. Korean Prosecutors Seek Arrest of Samsung Execs for Illegal Trading
By Editors | 07/06/2020
Samsung’s de facto head, Lee Jae-yong, and two of his senior lieutenants could face charges of illegal trading and stock price manipulation, among other charges.
Anti-Money Laundering
US Seeks Extradition of Money Launderer Jailed in S. Korea
By Editors | 07/06/2020
A civil forfeiture complaint alleges that Kenneth Zong, a US citizen held in Korea, conspired with Iranian nationals in 2011 to launder $1bn through the UAE and other countries.
KYC & CDD
Addressing Heightened KYC Risk with Data and Automation
By Editors | 07/06/2020
Managing KYC risk assessment in a sea of increasingly complex data sets calls for smart automated solutions to manage alerts.
Anti-Money Laundering
Westpac Concludes Internal Probe into AML/CTF Failures
By Manesh Samtani | 04/06/2020
Westpac said its IFTI non-reporting was due to a mix of technology and human errors dating back to 2009. Governance failures and unclear compliance accountabilities were also identified.
Supervision & Enforcement
CBIRC Issues Rules for Banks on Handling of Criminal Cases
By Editors | 04/06/2020
The CBIRC has set out banks and insurers’ obligations when handling criminal cases that arise, including duties to investigate, issue reports, determine accountability and hand out punishments.
Anti-Money Laundering
Philippine Lawmakers Approve Strict New Anti-Terrorism Law
By Editors | 04/06/2020
Wiretaps and arrests can be carried out without a warrant. Bank records can be inspected without a court order. Life imprisonment without parole can be imposed for facilitating terrorist acts.
Anti-Money Laundering
ACAMS, FAST Collaborate to Fight Modern Slavery, Human Trafficking
By Editors | 04/06/2020
A new ‘Fighting Modern Slavery and Human Trafficking’ certificate is being provided free-of-charge to financial sector actors.
KYC & CDD
HKMA Offers Guidance on AML Controls for Remote Onboarding
By Manesh Samtani | 03/06/2020
The HKMA has published its observations of good practices used by authorised institutions to mitigate the potential risks of new technology adopted for remote onboarding.
Fraud, Scams & Cybercrime
Bangladesh Bank Files New Civil Suit Over 2016 Cyber Theft
By Editors | 03/06/2020
Bangladesh Bank has filed a new civil suit against RCBC and other Philippine entities in New York State Court over the 2016 bank heist, after its Federal Court case was dismissed in March.
Anti-Money Laundering
US DOJ Unseals Indictment Against North Korea Money Launderers
By Editors | 03/06/2020
The indictment names 28 North Korean and 5 Chinese nationals who were charged for operating a network of over 250 shell companies around the world to procure goods for North Korea.
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