Financial Crime

KYC & CDD

BOT Launches Digital Account Opening Tests at Six Banks

By Editors | 07/02/2020

Six banks will open online deposit accounts digitally, using facial recognition to verify customer identities against information held in the new National Digital ID platform.

Fraud, Scams & Cybercrime

AMP Ordered to Pay A$5m Penalty for Insurance Churn

By Editors | 06/02/2020

A federal court ordered AMP to pay a A$5.175 penalty for failing to prevent its financial planners from engaging in insurance churn for higher commissions.

Market Abuse

SFC Imposes One-Year Ban on RHB Securities Analyst

By Editors | 06/02/2020

The analyst traded stocks covered in research reports he prepared through his father’s securities trading account held at another brokerage.

Anti-Money Laundering

ACAMS Pledges Support for Anti-Slavery & Trafficking Initiative

By Editors | 06/02/2020

ACAMS will encourage financial crime professionals globally to adopt a blueprint for mobilising finance against modern slavery and human trafficking.

KYC & CDD

India Streamlines FPI Registration Process

By Editors | 05/02/2020

The new ‘Common Application Form’ can be used for three purposes – FPI registration with SEBI, PAN issuance by the CBDT, and KYC for account opening with intermediaries.

Liquidity Risk

FSS Korea Finds Mismanaged Liquidity at More Private Equity Funds

By Editors | 04/02/2020

The FSS has identified at least four firms whose funds face potential liquidity crisis risks, similar to Lime Asset Management, which has so far frozen 1.7tr won in assets.

Anti-Money Laundering

US Law Firms Launch New Class Actions Against Westpac

By Editors | 04/02/2020

The class actions seek damages for investors who lost money on Westpac ADRs following the civil penalty orders filed against the bank by AUSTRAC last November.

Anti-Money Laundering

OCBC Speeds Up Criminal Probes Through Automated System ‘POET’

By Editors | 03/02/2020

‘POET’ digitally receives and responds to investigation requests with minimal human intervention, allowing OCBC to respond to law enforcement requests within 1-2 working days.

Operational Risk

BSP Proposes New Reporting Requirements for Conglomerate-run Banks

By Editors | 03/02/2020

Under draft rules, universal and commercial banks that are part of conglomerates will have to report information on all entities and assets in the conglomerate structure.