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Conduct, Culture & Accountability
Annual Report Shows FMA Exceeded Litigation Budget by 50pc
By Editors | 03/11/2019
The government has approved a three-fold increase in the FMA’s litigation fund to NZ$6mn for the 2019/2020 year, a day before the annual report was released.
PEPs & Sanctions
Malaysian Banks Force Closures of Iran-linked Accounts
By Editors | 02/11/2019
CIMB and Maybank are two of the largest banks forcing closures of accounts belonging to Iranian companies and individuals, amid new sanctions imposed by the US.
Market Abuse
SFC Fines China Rise for Short Selling, Cross Trading Breaches
By Editors | 31/10/2019
China Rise’s former CEO placed 199 illegal short selling orders in 2014, and an unnamed senior manager executed cross trades at a price detrimental to the client.
KYC & CDD
FATF Issues Draft Guidance on Digital Identity Systems
By Manesh Samtani | 31/10/2019
The draft guidance analyses the use, reliability and independence of digital ID systems, and looks at how they can meet FATF requirements around customer due diligence.
Anti-Money Laundering
US Agrees to $700mn Settlement with 1MDB Financier Jho Low
By Manesh Samtani | 31/10/2019
The proposed settlement would resolve civil forfeiture cases tied to Low, but does not release him from other criminal charges. Low gets to keep $15mn to pay his lawyers.
Fraud, Scams & Cybercrime
Unauthorised New Zealand Adviser Jailed for 6 Years, 8 Months
By Editors | 31/10/2019
The sentence follows a conviction in August of 38 charges relating to a multi-million dollar fraud, set up to fund a lavish lifestyle and targeting vulnerable individuals.
Anti-Money Laundering
AUSTRAC: Mutual Banks Face High Money Laundering Risk
By Editors | 31/10/2019
Mutual banks are vulnerable to money laundering due to their high exposure to cash transactions, non-face-to-face service delivery, and outsourcing of AML compliance processes.
KYC & CDD
Bangladesh to Launch e-KYC for Bank Account Opening in January
By Editors | 31/10/2019
Account opening in Bangladesh currently takes 3-7 days. Based on pilot testing in 33 districts, the new e-KYC system will reduce this to just 5 minutes.
Anti-Money Laundering
FATF Begins Assessment of Japan’s AML Regime
By Editors | 30/10/2019
For the first time, cryptocurrency exchanges will also subject to the review, the first assessment of Japan’s AML system in 11 years.
Structural Regulation
Philippines Mulls Imposing Limits on Lending Rates, Fees
By Editors | 30/10/2019
The BSP is considering placing limits on the interest rates and other fees lenders and finance companies can charge borrowers in response to a request from the SEC.
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