Financial Crime

Conduct, Culture & Accountability

ClearView Completes Advice Remediation Programme

By Editors | 20/09/2019

Financial compensation totalling A$730,000 was offered to 215 clients who were harmed by poor advice, while another 21 clients received non-financial remediation.

Credit Risk

Vietnam Banks Ordered to Control Loans Backed by Savings Book

By Editors | 20/09/2019

The SBV says banks may not allow borrowers to use long term savings books as collateral for loans if they have no plans to use the capital.

Payments & Settlements

RBI Proposes to Directly Regulate Payment Gateways, Aggregators

By Editors | 19/09/2019

The paper proposes that payment gateways and payment aggregators be required to have a minimum net-worth of 1 billion rupees, among other requirements.

Supervision & Enforcement

Australia Reintroduces Amnesty Bill for Unpaid Superannuation

By Editors | 19/09/2019

The bill will provide amnesty to employers who have underpaid superannuation up to 27 years ago, if they disclose their failures within two years and repay the full amount.

Anti-Money Laundering

SAFE Blacklists FX Firms As Illegal Capital Outflows Increase

By Editors | 19/09/2019

SAFE has asked financial institutions to monitor for leveraged forex trading and blacklisted 43 FX firms amid signs that illegal capital outflows have been increasing.

Anti-Money Laundering

Singapore Charges Second National for Terrorism Financing

By Editors | 19/09/2019

A Singapore national was charged for providing money for terrorist purposes after he sent about $830 to an individual overseas who was said to have been facilitating terrorist acts.

Fraud, Scams & Cybercrime

UPDATED – ASIC, Federal Police Dismantle Online Fraud Syndicate

By Editors | 18/09/2019

The syndicate is said to have used fraudulently-obtained identities to steal millions of dollars from the superannuation and share trading accounts of innocent victims.

Data Privacy

Philippines Moves to End Abusive Practices by Fintech Lenders

By Editors | 18/09/2019

A code of ethics and code of conduct have been adopted by members of FinTechAlliance.ph prohibiting the harassment and shaming of delinquent borrowers.

Anti-Money Laundering

RBI Orders Banks to Review Controls on Internal Accounts

By Editors | 16/09/2019

Transitory accounts at bank branches are being used to provide unauthorised overdrafts to avoid default classification on loans, and to mask unexplained cash deposits.