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Anti-Money Laundering
SFC Fines BMI Securities, Suspends RO for AML Breaches
By Editors | 11/02/2020
The SFC has fined BMI Securities HK$3.7mn and suspended one of its responsible officers for failures to comply with AML/CFT obligations.
Fraud, Scams & Cybercrime
Liar’s Poker – The 1MDB Version
By Peter Guy | 11/02/2020
1MDB sorely tested principles-based regulation and compliance at Goldman Sachs. But, the bank was likely set up as a victim from the very beginning, says Peter Guy.
Conduct, Culture & Accountability
Australia Passes Bills to Enhance Consumer Protections, Strengthen ASIC
By Editors | 10/02/2020
The bills introduce a best-interests duty for mortgage brokers, ban unfair contract terms in insurance, and enable ASIC to more effectively enforce existing laws.
Payments & Settlements
DBS Completes First Fully Digital Trade Financing Settlement on NTP
By Editors | 10/02/2020
DBS was able to cut the trade financing processing time from about a week to under one working day, yielding greater operational efficiencies for trade partners.
Anti-Money Laundering
US Treasury Issues 2020 National Strategy for Combatting Illicit Finance
By Editors | 10/02/2020
The document highlights increased transparency, an improved supervisory framework for FIs, and enhanced operational capabilities as three strategic priorities for the US AML/CFT regime.
Operational Risk
MAS Issues Advisory to FIs Amid Higher Coronavirus Alert Level
By Editors | 10/02/2020
MAS asks financial institutions to ensure business continuity and warns that cyber threat actors are taking advantage of the novel coronavirus situation to conduct email scams, phishing and ransomware attacks.
PEPs & Sanctions
RUSI-ACAMS Survey Reveals Proliferation Finance Implementation Gaps
By Manesh Samtani | 08/02/2020
A global survey of sanctions professionals reveals a lack of industry awareness of proliferation finance risks, and a lack of focus on this area in compliance programmes.
Anti-Money Laundering
Between a Rock and a Hard Place: FATF Faces an Iranian Crunch
By Tom Keatinge | 07/02/2020
A well-intentioned decision on Iran in 2016 has haunted FATF ever since. That decision is about to become a nightmare, says RUSI’s Tom Keatinge.
Conduct, Culture & Accountability
SFC Bulletin Shows Sponsor Conduct Still Top-of-mind
By Editors | 07/02/2020
The Regulatory Bulletin offers case studies illustrating the SFC’s key areas of concern and recent regulatory interventions in IPO applications and corporate transactions.
Anti-Money Laundering
EBA Consults on Revised ML/TF Risk Factors Guidelines
By Editors | 07/02/2020
The proposed changes will significantly strengthen Europe’s AML/CFT defences and foster greater convergence of supervisory practices, the EBA says.
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