Financial Crime

Anti-Money Laundering

Japan Identifies 1.9m Undeclared Offshore Accounts Through CRS

By Editors | 17/12/2019

Of the 1.89 million offshore accounts identified through information exchanges under the Common Reporting Standard, 80% were located in Asia and Oceania.

Fraud, Scams & Cybercrime

New Zealand Passes Bill to End Predatory Lending

By Editors | 17/12/2019

Effective from April 2021, the bill will cap the interest and fees on loans at 100% of the loan amount and introduce a 0.8% per day rate cap for high-cost loans.

Trade Based Money Laundering

Bangladesh Issues Guidelines on Trade-based Money Laundering

By Editors | 17/12/2019

The guidelines require banks to develop written policies and procedures to assess and mitigate money laundering risks arising from their trade-related customers and activities.

Market Abuse

SFC Bans Two Individuals for Window-Dressing Scheme

By Editors | 17/12/2019

For 3 years, the month-end liquid capital of W. Falcon Asset Management was falsely inflated with amounts on cheques that were later dishonoured.

Anti-Money Laundering

APRA Investigates Westpac, Imposes Capital Surcharge

By Editors | 17/12/2019

APRA’s investigation will focus on the conduct that led to Westpac’s alleged 23 million AML breaches, and whether its senior managers breached the Banking Act, including the BEAR.

KYC & CDD

BNM Issues Draft Rules on Financial Sector Use of Electronic KYC

By Editors | 17/12/2019

BNM recommends the use of AI, machine learning or other forms of predictive algorithms to ensure accurate identification and verification, and to automate decision-making in customer onboarding.

Anti-Money Laundering

HKMA Asks Banks, SVFs to Assess AML/CFT Risks of VASP Dealings

By Editors | 17/12/2019

Authorised institutions and SVF licensees should conduct appropriate risk assessments to differentiate the risks of the individual virtual asset service providers they deal with, the HKMA says.

Capital Adequacy

Basel Committee Launches Consolidated Basel Framework

By Editors | 16/12/2019

The framework brings together all of the Basel Committee’s global standards for the regulation and supervision of banks.

KYC & CDD

SWIFT Opens KYC Registry to Corporate Groups

By Editors | 16/12/2019

Enabling corporate groups on the KYC Registry allows them to improve how their KYC data is structured, while freeing up their banking partners from having to chase down documentation.