Financial Crime

PEPs & Sanctions

US State Dept Declares Hong Kong No Longer Autonomous

By Manesh Samtani | 27/05/2020

The move puts at risk the special status under US law Hong Kong has enjoyed since 1992, jeopardising billions of dollars worth of trade and investment.

Anti-Money Laundering

Are Criminals Winning at Covid-19? Not Without a Fight

By Editors | 27/05/2020

Advances in digital identification technology can mitigate the unpleasant rise in pandemic-related financial crime. A top regulator, banker and lawyer join forces with Refinitiv to discuss how.

Credit Risk

China: Banks Directed to Cut Enterprise Financing Costs

By Editors | 26/05/2020

A new guideline jointly published by six agencies aims to further regulate how banks charge for and manage credit financing, protect borrowers’ rights, and reduce financing costs.

KYC & CDD

India to Tighten KYC Rules for Hong Kong, China FPIs

By Manesh Samtani | 26/05/2020

Alongside stricter KYC procedures during FPI registration, India may set a 10% beneficial ownership cap on foreign investment from China including Hong Kong.

Conduct, Culture & Accountability

APRA Blamed for Scrapped Class Action Against IOOF

By Editors | 26/05/2020

A Quinn Emanuel class action “was no longer in the interests of group members to continue” following last year’s dismissal of APRA’s lawsuit against IOOF.

Credit Risk

SEBI Allows Quicker Upgrades of ‘Cured’ Defaulters by Rating Agencies

By Editors | 25/05/2020

Companies may no longer need to wait months for their credit status to be upgraded after a default is ‘cured’ and payments are regularised.

Anti-Money Laundering

Myanmar: YSX, Securities Firms Directed to Enhance AML Controls

By Editors | 25/05/2020

The YSX is asked to strengthen internal controls and establish an audit committee; six securities firms are asked to address document collection and record-keeping deficiencies.

Supervision & Enforcement

CSRC to Optimise Classification System for Securities Firms

By Editors | 25/05/2020

The changes are aimed at ensuring the classification system encourages firms to maintain focus on risk management capabilities and continuous compliance.

Fraud, Scams & Cybercrime

CSRC Accuses Guangdong Fund Manager of Lying to Investors

By Editors | 24/05/2020

Guangdong-based Cornerstone Management reportedly lost 70% in two funds after promising a minimum 8% annual return.