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KYC & CDD
LEI Use in Onboarding Could Save Banks Up to $4bn Annually
By Editors | 30/10/2019
In addition to cost savings, LEI use in client onboarding would speed up time to revenue, improve compliance and credit risk mitigation, and enable better tracking of suspicious entities.
Anti-Money Laundering
FATF Issues Best Practice Paper on Beneficial Ownership
By Editors | 29/10/2019
FATF mutual evaluations have shown that many jurisdictions are still finding it challenging to ensure transparency of ownership of legal persons.
Supervision & Enforcement
FSS to Conclude Probe into Derivatives Mis-selling This Week
By Editors | 28/10/2019
The FSS will conclude its investigation into KEB Hana and Woori Bank this week. KEB Hana and its CEO are expected to face higher penalties for ‘obstructing’ the investigation.
Market Abuse
SEBI, US SEC Probe IT Major Infosys for “Unethical Practices”
By Editors | 28/10/2019
SEBI and the US SEC are probing Infosys after whistleblowers alleged costs were under-reported to inflate profits and “critical information” was hidden from auditors and the board.
Anti-Money Laundering
ACIP Workshop: Key Challenges to Deploying AML Data Analytics
By Editors | 28/10/2019
The workshop participants discussed two of the key challenges to implementing data analytics systems to fight financial crime – explainability and governance.
Fraud, Scams & Cybercrime
ICAC Charges Two for Conspiracy to Defraud Five HK Banks
By Editors | 28/10/2019
Two operators of an SME conspired to defraud DBS Bank, HSBC, ICBC, Dah Sing Bank, Wing Hang Bank, the Trade and Industry Department, and the Hong Kong Mortgage Corporation.
Anti-Money Laundering
It’s Time to Reform and Refocus the FATF
By Tom Keatinge | 27/10/2019
The FATF’s responsibilities and the efficiency and effectiveness of its evaluation process must be reassessed, says RUSI’s Tom Keatinge.
KYC & CDD
Australia Introduces Bill to Ease CDD Compliance Burden
By Editors | 27/10/2019
The bill allows reporting entities to rely on CDD procedures performed by a third party. Meanwhile, a bill to limit cash payments to A$10,000 nationwide passes the lower house.
Credit Risk
BOJ Warns of Financial Risks from Easy Lending, CLO Exposures
By Manesh Samtani | 25/10/2019
The BOJ warns of a buildup of risks from lending to “low-return borrowers”, delayed loan restructuring, and overseas exposures to leveraged loans and CLOs.
Conduct, Culture & Accountability
Regulatory Data: Arrows for the Quiver?
By Hannah Cassidy | 25/10/2019
Banks need to be cognisant of how the data they provide to regulators is being used, says Herbert Smith Freehills in its 2019 Global Bank Review.
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