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Anti-Money Laundering
China Ramped Up AML/CTF Enforcement in 2018, PBOC Report Shows
By Editors | 14/11/2019
Enforcement of AML/CTF rules increased in 2018, evidenced by a 41% increase in fines levied. Firms in non-financial sectors have also been brought under the PBOC’s AML/CTF supervision ambit.
Supervision & Enforcement
BCBS Seeks Cooperation Between Prudential and AML Supervisors
By Editors | 13/11/2019
The BCBS says different supervisory functions should exchange information and cooperate both domestically and across borders, regardless of the institutional setting.
Operational Risk
APRA Seeks Standardised Quarterly Reporting Dates
By Editors | 13/11/2019
The proposed standardised due date is 35 calendar days after the last day of the reference quarter, which will create a 14 calendar day extension for credit unions and building societies.
Fraud, Scams & Cybercrime
UBS to Pay HK$600m in Fines and Compensation for Overcharging Clients
By Editors | 12/11/2019
The SFC reprimanded and fined UBS for overcharging clients over a ten-year period, affecting 5,000 Hong Kong-managed client accounts in over 28,000 transactions.
Anti-Money Laundering
BCBS Updates AML/CFT Guidance for Correspondent Banking
By Editors | 10/11/2019
The revisions update the list of risk indicators banks should use to conduct risk assessments and specify conditions for using KYC utilities for obtaining customer information.
Market Abuse
Former HKTV Staff Member Jailed for Insider Dealing
By Editors | 09/11/2019
HKTV’s former senior regulatory affairs manager made over HK$160,000 in profit from trading on insider information in December 2013.
Market Data & Technology
APRA Launches Superannuation Data Transformation Project
By Editors | 08/11/2019
The initiative aims to drive better industry practices, enhance the consistency of reported data, and make it easier to compare fund and product performance.
Supervision & Enforcement
Former PBOC Official Under Probe for ‘Legal Violations’
By Editors | 08/11/2019
Reports indicate the investigation might be related to third-party payment licences issued by the central bank between 2011 and 2015.
Anti-Money Laundering
Malaysia Proposes Cash Payment Limit to Curb Financial Crime
By Editors | 08/11/2019
The central bank says any action aimed at circumventing the proposed 25,000 ringgit cash transaction limit would be considered an offence for both the payer and payee.
KYC & CDD
SEBI Allows Intermediaries, Funds to Use Aadhaar for e-KYC
By Editors | 08/11/2019
Intermediaries and mutual fund distributors are not allowed to store investors’ Aadhaar numbers “under any circumstances”.
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