Financial Crime

Fraud, Scams & Cybercrime

CSRC Imposes Lifetime Bans on Former Fuxing Group Executives

By Editors | 14/01/2020

Fuxing’s former chairman and ex-president received lifetime bans for running a six-year scheme to defraud investors of $5.3bn. Five others received market bans.

KYC & CDD

Bangladesh Introduces e-KYC for All Financial Services Firms

By Editors | 13/01/2020

All financial institutions regulated by Bangladesh Bank are expected to introduce e-KYC in compliance with the new guideline by December 2020.

Supervision & Enforcement

Taiwan FSC Penalises Taichung Commercial Bank for Lax Controls

By Editors | 13/01/2020

The bank and its insurance unit were fined for lax controls on entertainment spending and for awarding bonuses to sales staff who hadn’t sold any products, among other failures.

Supervision & Enforcement

AUSTRAC, UK Gambling Commission Sign Anti-Financial Crime MOU

By Editors | 13/01/2020

The signing of the MOU brings the number of jurisdictions AUSTRAC shares regulatory intelligence with to five, on top of 93 MOUs it has with financial intelligence units.

Supervision & Enforcement

CSRC Issues Warning Letter to GF Securities for Poor Compliance

By Editors | 13/01/2020

An investigation into the firm found fewer-than-required experienced compliance officers, and a lack of independence of its compliance function from other departments.

Emerging Prudential Risks

PBOC Sets Out Policy Priorities for Year Ahead

By Editors | 10/01/2020

The PBOC has announced key policies and tasks for 2020, following an annual work conference held last week in Beijing.

KYC & CDD

RBI Allows Regulated Entities to Use Video-based KYC

By Editors | 10/01/2020

Financial services firms can record video and capture photos of customers presenting their identity document for verification. Electronically-submitted and digitally-signed documents can also be accepted.

Supervision & Enforcement

RBI Introduces Supervisory Action Framework for Troubled UCBs

By Editors | 09/01/2020

Under the framework, the RBI will monitor UCBs’ asset quality, profitability and capital, and initiate supervisory action when specific thresholds are breached.

Conduct, Culture & Accountability

ASIC Bans Ex-AMP, NAB Adviser for Four Years

By Editors | 09/01/2020

An ASIC review of advice files found a failure to make sufficient inquiries into client circumstances and existing financial products when providing advice.