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Anti-Money Laundering
PBOC Penalties for AML Violations Spike in Q1 2020
By Editors | 29/04/2020
The increase in penalties is in part the result of a new calculation method in use at the PBOC, where penalties can now accumulate when multiple breaches occur at once.
Supervision & Enforcement
Korea: FSS Confirms ‘Bad Bank’ Plan to Recover Lime Asset Losses
By Editors | 29/04/2020
FSS governor Yoon Suk-heun also pledged to establish a sustainable monitoring system, in light of events at Lime Asset Management and last year’s derivative product mis-selling at banks.
Fraud, Scams & Cybercrime
CSRC Vows Cross-border Cooperation in Luckin Fraud Case
By Editors | 28/04/2020
The CSRC has been communicating with US regulators, looking to deepen cross-border cooperation to combat misconduct and fraud and to protect investors.
KYC & CDD
Digital Identification in a Post-COVID World
By Editors | 28/04/2020
Social distancing has put KYC into sharp focus, with regulators reiterating their support for digital onboarding to ensure financial transactions are possible.
KYC & CDD
SEBI Endorses Technology Use to Facilitate Online KYC
By Editors | 27/04/2020
The investor KYC process can be completed through websites or apps, which should include video-based ID verification, liveness checks, and electronic signatures and documents.
Emerging Prudential Risks
S. Korea Finalises Risk Management Rules for Private Equity Funds
By Editors | 27/04/2020
Private equity funds will have to undergo regular audits, adopt new valuation guidelines, conduct regular liquidity stress tests, and cap leverage at 400% of assets, among other measures.
Fraud, Scams & Cybercrime
China: Luckin Investors Launch Lawsuit Under New Securities Law
By Editors | 26/04/2020
A lack of cross-border regulation presents a challenge to holding Luckin Coffee entities and executives to account for alleged misconduct and fraud.
Liquidity Risk
BSP Eases Asset Cover Rules for Banks’ FX Exposures
By Editors | 25/04/2020
Banks can offset foreign currency asset cover deficiency incurred on one or more days of the week with excess cover from other days of the same or immediately succeeding weeks.
Market Abuse
FSC Taiwan Fines Investment Trust for Intranet Loopholes
By Editors | 24/04/2020
A Capital Investment Trust fund manager reportedly bought shares in dozens of companies that he knew would be purchased in the funds he helped manage.
Emerging Prudential Risks
Korea: IMF Assessment Highlights Pre-Covid Financial System Risk
By Editors | 24/04/2020
The assessment commends Korea for its continued efforts to enhance prudential, legal and supervisory frameworks, while also pointing to growth-related uncertainties and household debt risks.
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