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Fraud, Scams & Cybercrime
Malaysian Police Arrest 14 Chinese Nationals in Crypto Scam
By Editors | 20/04/2020
The group was found to be impersonating successful investors and using WeChat and QQ group chats to lure mainland victims into investing.
Anti-Money Laundering
SFC Fines BOCOM International Securities for “Serious” Breaches
By Editors | 20/04/2020
The brokerage did not have effective controls to identify third party deposits, and “extensive deficiencies” were found in its handling of margin lending and margin calls.
KYC & CDD
Wolfsberg Group Updates Correspondent Banking Due Diligence Questionnaire
By Editors | 20/04/2020
The changes are focused on improving the CBDDQ’s ease of use and readability. One question has been eliminated and some of the wording has been clarified.
Fraud, Scams & Cybercrime
Hong Kong: SME Director Gets 44 Months Jail for Loan Fraud
By Editors | 20/04/2020
The SME director was sentenced for conspiring to defraud five banks, the Trade and Industry Department, and the Hong Kong Mortgage Corporation.
KYC & CDD
India Moves to Prevent ‘Opportunistic Takeovers’ by Chinese Investors
By Editors | 19/04/2020
India has introduced a pre-approval requirement for all foreign investment from seven countries including China to curb “opportunistic takeovers or acquisitions” of Indian companies.
Anti-Money Laundering
S. Korea AML/CFT Framework Significantly Strengthened: FATF
By Editors | 19/04/2020
Korea demonstrates effective cooperation among local authorities, the private sector and foreign counterparts; and effective use and development of financial intelligence.
Trading & Investment
Malaysia SC Announces Capital Market Measures to Support Businesses
By Editors | 17/04/2020
The measures include relief for publicly listed companies from PN17 (financial distress) classification, even if they fall below certain regulatory thresholds.
Conduct, Culture & Accountability
Australian Court Upholds ASIC Product Intervention Order
By Editors | 16/04/2020
ASIC’s product intervention order prohibiting payday lenders to charge additional fees under separate contracts through associates remains in force.
KYC & CDD
SEBI Seeks Details on UBOs of Chinese, Hong Kong FPIs
By Editors | 16/04/2020
Prompted by the PBOC raising its stake in HDFC to over 1%, SEBI is reportedly concerned that Indian companies may face takeover threats from Chinese investors.
Anti-Money Laundering
US Returns $300m of Misappropriated 1MDB Funds to Malaysia
By Editors | 15/04/2020
The funds includes proceeds from assets that Malaysia financier Jho Low allegedly bought with stolen 1MDB money before his $700mn forfeit last year.
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