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Fraud, Scams & Cybercrime
Australia: 10yr Jail Term Imposed for Superannuation Misappropriation
By Editors | 08/04/2020
The director of a group of companies used A$1.2mn from self-managed superannuation funds intended for property investments to “fund a lavish lifestyle”.
Anti-Money Laundering
Malaysia: BNM to Implement New Currency Law
By Editors | 08/04/2020
BNM will continue to consult on an economy-wide cash transaction limit, which it will be able to implement under the Currency Act 2020.
Fraud, Scams & Cybercrime
RBI to Establish New Banking Fraud Oversight Division
By Editors | 08/04/2020
The initiative has reportedly been sped up in response to recent frauds at Yes Bank and Punjab National Bank.
KYC & CDD
HKMA Encourages Remote Onboarding to Manage Covid-19 Challenges
By Editors | 07/04/2020
AIs and SVF licensees are encouraged to continue the provide the public convenient account opening and access to banking and payment services.
PEPs & Sanctions
OFSI Fines Standard Chartered $25m for Sanctions Breaches
By Editors | 07/04/2020
Standard Chartered made a series of loans to a Turkish private bank, which at the time was almost wholly owned by Sberbank, a sanctioned Russian bank.
Cryptocurrency
FSA Japan to Enforce New Crypto Laws from May
By Editors | 07/04/2020
Changes to two pieces of legislation will ensure better investor protection, and bring custodians, ICOs, STOs and crypto derivatives under the FSA’s remit.
Capital Adequacy
MAS Relaxes Capital Rules, Defers Policy Implementation
By Editors | 07/04/2020
MAS has adjusted banks’ capital and liquidity requirements to help sustain their lending activities, while also deferring a host of regulatory initiatives until further notice.
Market Abuse
US Court Reverses 2017 Dismissal of Rate Rigging Suit Against Banks
By Editors | 07/04/2020
The decision effectively revives a suit by a group of investment funds against major banks over their alleged manipulation of yen LIBOR and euroyen TIBOR between 2006 and 2011.
Fraud, Scams & Cybercrime
Singapore: Suspect Arrested in Covid-19 Money Laundering Case
By Editors | 06/04/2020
Quick intervention by seven banks allowed enabled the recovery of more than 60% of the amount scammed in the fraudulent sale of surgical masks and hand sanitisers.
Anti-Money Laundering
Tiger Brokers NZ, Six Others Get Formal Warning for AML Failures
By Editors | 06/04/2020
A public warning was issued to NZX-accredited Tiger Brokers, and six additional private warnings unnamed businesses or individuals.
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