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Anti-Money Laundering
Shenzhen Banks Screen Relief Loans for Property Misuse
By Editors | 23/04/2020
The CBIRC and PBOC have asked banks to identify whether cheap loans intended to support small business impacted by the coronavirus are being used to fund speculative property purchases.
Market Abuse
FMA Preempts Insider Misconduct With Plea for Vigilance
By Editors | 23/04/2020
New Zealand’s FMA recognises that the current situation may give rise to a broader range of individuals having access to inside information.
Market Abuse
Hong Kong Exchange Censures Ding Yi Feng Executives
By Editors | 23/04/2020
Three former non-executive directors of China Ding Yi Feng were censured for breaching the listing rules and disclosure obligations.
PEPs & Sanctions
Singapore’s Financial Industry’s Role in Preventing Sanctions Evasion
By Jamil Ahmed | 23/04/2020
Given its geographical location and reputation as a major finance and trading hub, Singapore firms need to take extra care to avoid implicating themselves in sanctioned transactions.
PEPs & Sanctions
US Agencies Issue Alert on North Korea Cyber Threat
By Manesh Samtani | 22/04/2020
The advisory highlights the powers US agencies have to subpoena foreign FIs that maintain a correspondent bank account in the US to gain access to customer records stored overseas.
KYC & CDD
ASIFMA Offers Hong Kong Guidance on Common KYC Practices
By Editors | 22/04/2020
The guidance on account opening and KYC refresh is based on practices employed at 15 banks in Hong Kong that have a strong global and regional footprint.
Market Abuse
Singapore Police Open Probe into Renowned Oil Trader
By Editors | 21/04/2020
Hin Leong Trading’s founder admitted to concealing $800mn in losses from oil futures. The firm now unpaid debts of $3.85bn. Up to 23 banks are affected.
PEPs & Sanctions
Industrial Bank of Korea to Pay $86m for US Sanctions Violations
By Editors | 21/04/2020
The bank failed to capture and prevent USD 1 billion in transactions to Iranian entities, cleared through financial institutions located in New York including its own branch.
Structural Regulation
India’s New Foreign Investment Rules ‘Discriminatory’, says China
By Editors | 21/04/2020
The additional barriers violate the WTO’s principle of non-discrimination, and go against the general trend of liberalisation and facilitation of trade and investment, says the Chinese Embassy in India.
Fraud, Scams & Cybercrime
Korea: Banks, Brokers Propose ‘Bad Bank’ to Recover Lime Asset Losses
By Editors | 21/04/2020
19 banks and securities firms will likely comprise the new entity, which will be charged with acquiring and selling the assets of Lime Asset Management’s funds.
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