Financial Crime

Anti-Money Laundering

New Zealand FX Broker Issued Formal Warning for AML Violations

By Editors | 21/10/2019

Forex brokerage Circle Markets Limited did not dispute the FMA’s findings, and its sole director admitted to not fully understanding his AML/CFT obligations.

Emerging Prudential Risks

AMAC Warns of Concentration Risk in China Funds Industry

By Editors | 21/10/2019

Over 20,000 private fund managers registered with AMAC are controlled by fewer than 2,000 people, prompting concerns of excessive concentration in the industry.

Stablecoins

G20 Finance Leaders Agree to Regulate Stablecoins

By Editors | 21/10/2019

Amid warnings from the FSB and FATF, the G20 finance leaders have agreed that no stablecoin project should commence operation until their risks are evaluated and appropriately addressed.

Market Abuse

Former Supervisor at ICBC Unit Settles with US SEC

By Editors | 18/10/2019

The former supervisor of ICBC’s US broker-dealer unit has agreed to settle charges for failures involving the improper handling of transactions of ADRs.

Cybersecurity

SEBI Issues Measures to Protect Securities Market Client Records

By Editors | 18/10/2019

A new cybersecurity framework has been issued for KYC registration agencies. Stockbrokers, depository participants, registrars and transfer agents are asked to submit their quarterly reports by end-November.

Anti-Money Laundering

Japan Banks Exit Forex Business Amid AML Cost Concerns

By Editors | 17/10/2019

While smaller banks are exiting the foreign exchange business entirely, larger banks are raising counter service fees for overseas remittances.

Anti-Money Laundering

Technology Offers New Means to Fight Financial Crime: MAS

By Manesh Samtani | 17/10/2019

At the ICA’s 2nd Annual APAC Conference this week, MAS assistant managing director Loo Siew Yee talked about the new techniques being used to improve AML/CFT detection and risk mitigation.

Supervision & Enforcement

KEB Hana Under Added Scrutiny for Document Deletion

By Editors | 17/10/2019

KEB Hana Bank is said to have deleted data related to the sale of derivative-linked funds after the FSS had already declared its intent to conduct inspections at the bank.

Fraud, Scams & Cybercrime

RBI Deploys New Reporting System for Cooperative Banks

By Editors | 17/10/2019

Following the $560mn fraud detected at PMC Bank, the RBI is ordering all cooperative banks in the country to perform their daily reporting via the new system.