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Supervision & Enforcement
Australia: Pershing Pleads Guilty to Breaching Client Money Rules
By Editors | 07/05/2020
Pershing Securities Australia, a BNY Mellon subsidiary, is the first company in Australia to face criminal prosecution for breaching client money provisions.
Anti-Money Laundering
Requirement to Lodge Company Controller Data with ACRA Deferred
By Editors | 06/05/2020
ACRA says the two-month deferral is the result of operational and resource constraints faced by registered filing agents, and potential difficulties obtaining consent from clients.
Anti-Money Laundering
FATF Offers Policy Guidance for Managing Covid-19 Related AML Risks
By Editors | 05/05/2020
FATF describes the ways in which AML/CFT policy responses can help support implementation of Covid-19 response measures, while also managing new risks and vulnerabilities.
PEPs & Sanctions
US Prosecutors Target Foreign Bank Records in North Korean Cyber Hunt
By Nick Turner | 05/05/2020
US authorities may be signalling their intent to increasingly use the PATRIOT Act to gain access to foreign bank records in DPRK sanctions investigations, says Nick Turner at Steptoe & Johnson.
Anti-Money Laundering
Westpac Internal Probes Identify More AML Breaches
By Editors | 04/05/2020
Westpac has identified an estimated 60,000 to 90,000 threshold transaction reports that were not reported to AUSTRAC, and potential problems with its FATCA and CRS compliance.
Fraud, Scams & Cybercrime
BSP Warns of Covid-19 related Money Laundering Risks
By Editors | 01/05/2020
Supervised financial institutions are encouraged to prudently leverage on technology to reinforce their controls against fraud and financial crime.
Capital Adequacy
FSC Korea Defers Tighter Supervision of Financial Conglomerates
By Editors | 30/04/2020
The FSC has approved revisions to enhance capital adequacy assessments, internal control systems, and disclosure standards of financial conglomerates.
Supervision & Enforcement
ASIC Quadrupled Criminal Charges Laid in H2 2019
By Editors | 30/04/2020
In the six months to December 2019, ASIC did not have any new enforceable undertakings, reflecting its post-Royal Commission ‘why not litigate’ approach to enforcement.
Anti-Money Laundering
FATF Postpones Mutual Evaluations, Follow-up Deadlines
By Editors | 29/04/2020
All mutual evaluations and follow-up deadlines are postponed, and FATF will review grey-list jurisdictions in October rather than June as previously scheduled.
Cloud & Infrastructure
G20 TechSprint Invites Firms to Develop Regtech, Suptech Solutions
By Editors | 29/04/2020
Private firms are invited to develop solutions to improve regulatory reporting, crypto asset AML monitoring, and supervisory information sharing.
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