Financial Crime

Anti-Bribery & Corruption

Former Hengfeng Bank Chairman Receives Death Sentence

By Editors | 29/12/2019

A two-year reprieve means the sentence will likely be commuted to life imprisonment for the 70-year old former chairman, after he was convicted for bribery, corruption and embezzlement.

KYC & CDD

FINRA Fines Five Firms Over Custodial Accounts for Minors

By Editors | 29/12/2019

Citigroup, JP Morgan, LPL Financial, Morgan Stanley and Merrill Lynch failed to properly monitor custodial accounts to ensure assets were transferred to beneficiaries once they came of age.

Anti-Money Laundering

MAS Adopts FATF Standards on VASPs in Payment Services Act

By Manesh Samtani | 28/12/2019

MAS has proposed amendments will align the Payment Services Act with the most recent enhancements to the FATF Standards in relation to virtual asset service providers.

Conduct, Culture & Accountability

FSA Orders Insurance Sales Halt at Japan Post Amid Misconduct Findings

By Editors | 28/12/2019

Two Japan Post Holdings subsidiaries are required to suspend insurance product sales for three months and submit business improvement plans by end-January.

Market Abuse

SEBI Establishes Insider Trading Whistleblower Protection Office

By Editors | 28/12/2019

The ‘Office of Informant Protection’ is charged with receiving and processing information on insider trading disclosed by whistleblowers, and with protecting their identities.

Anti-Bribery & Corruption

CBIRC Inner Mongolia Official Under Corruption Probe

By Editors | 28/12/2019

The case reportedly relates to the official’s supervision of Baoshang Bank which was taken over by regulators in May due to “serious credit risks”.

Anti-Money Laundering

APAC Wealth Migration Trends Heighten Financial Crime Risk

By Joseph Quiazon | 28/12/2019

APAC regulators are looking to FIs and their technology to guard against increasingly sophisticated criminal activity as wealth migration accelerates, says Joseph Quiazon at Exiger.

Anti-Money Laundering

HKMA Publishes Highlights from First AML/CFT RegTech Forum

By Manesh Samtani | 27/12/2019

Access to quality data and a more proactive knowledge sharing approach are critical to moving to intelligence-led methods in financial crime risk management.

Anti-Money Laundering

Taiwan FSC Outlines Bank Examination Priorities for 2020

By Editors | 26/12/2019

The FSC’s Financial Examination Bureau will reportedly focus on compliance with rules on AML, corporate governance, information security, consumer protection and personal data protection.