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Anti-Money Laundering
HK Police Arrest Three in HK$54m Money Laundering Case – Report
By Editors | 17/05/2020
Money stolen through telephone and online scams was laundered through at least three layers of bank accounts in Hong Kong within hours before being funnelled out of the city.
Market Abuse
CSRC Bans Six Executives for Kangmei Pharma Accounting Fraud
By Editors | 17/05/2020
The company and 21 of its employees have also been fined for using false documents and transaction records to inflate cash positions.
Anti-Money Laundering
Westpac Files Defence in Federal Court on its AML/CTF Failures
By Editors | 16/05/2020
While Westpac made a number of admissions regarding AUSTRAC’s claims, the bank said the majority of its international money transfers were correctly reported.
Supervision & Enforcement
ASIC Secures Remediation for Junk Insurance Sales by Banks
By Editors | 14/05/2020
ASIC has secured A$160mn in remediation for consumers and plans to take enforcement action against lenders who sold junk consumer credit insurance products.
PEPs & Sanctions
Trump Orders Federal Pension Fund to Halt Plans to Invest in China
By Editors | 13/05/2020
The Federal Retirement Thrift Investment Board had planned to benchmark its international exposures to an MSCI index that would channel up to $4.5bn into Chinese equities.
KYC & CDD
SEBI Names Entities That Can Authenticate Aadhaar for e-KYC
By Editors | 13/05/2020
Intermediaries and mutual fund distributors that want to use Aadhaar authentication services for e-KYC are required to enter into an agreement with one of the eight entities named.
Anti-Money Laundering
1MDB Tainted Swiss Bank to Exit Private Banking Business
By Editors | 13/05/2020
Falcon Private Bank was forced to shut down its Singapore operations in 2016. Nearly four years later, it has decided to exit private banking in Switzerland.
Anti-Money Laundering
Industry Bodies Publish New Messaging Standard for Virtual Assets
By Editors | 13/05/2020
The messaging standard is aimed at helping virtual asset service providers comply with FATF requirements to collect and transfer originator and beneficiary information.
Data Privacy
CBIRC Probes China CITIC Bank Over Leaked Personal Data
By Editors | 13/05/2020
Last week, a Chinese stand-up comedian accused the bank of disclosing his personal transaction information to his employer without consent.
Anti-Money Laundering
Governments Failing to Stop Money Laundering: FATF Official
By Editors | 13/05/2020
Many countries have shown a last-minute commitment to tackling money laundering and a sudden uptick in investigations only because they faced an upcoming FATF evaluation.
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