Financial Crime

Supervision & Enforcement

ASIC Focuses on Misconduct in Four-Year Corporate Plan

By Editors | 29/08/2019

ASIC will expand its use of behavioural sciences, data and technology and position itself as a more strategic and agile regulator.

Supervision & Enforcement

Philippine Police Arrest Former Govt Official for Banking Law Violations

By Editors | 28/08/2019

Former foreign affairs secretary Perfecto Yasay Jr is reportedly accused of conspiring to obtain a $6.7mn loan for a company without reporting the loan to the central bank.

Anti-Money Laundering

AUSTRAC Campaign Targets Illegal Money Transfer Dealers

By Editors | 28/08/2019

The campaign seeks to raise community awareness of the money laundering threat that unregistered money transfer dealers pose.

Anti-Bribery & Corruption

US SEC Fines Deutsche Bank $16m for Corrupt Hiring Practices

By Editors | 27/08/2019

Between 2006 and 2014, Deutsche Bank hired relatives of executives of Chinese and Russian state-owned enterprises to generate business for the bank.

Anti-Money Laundering

APG: Good Progress from Taiwan; Pakistan Falls to ‘Enhanced Follow-up’

By Editors | 26/08/2019

The APG has adopted mutual evaluation reports for the Philippines, China, Hong Kong, Pakistan, Taiwan and the Solomon Islands – due to be published in October.

Supervision & Enforcement

NAB Faces Potential A$535 Penalty for Using Unlicensed Loan Referrers

By Editors | 26/08/2019

ASIC has initiated federal court proceedings in relation to misconduct by 16 NAB bankers who accepted loan information and documentation from unlicensed introducers.

Trading & Investment

India Withdraws FPI Tax Surcharge Amid Foreign Pressure

By Editors | 26/08/2019

The surcharge, introduced last month, increased capital gains tax on foreign trusts investing in India to over 40%, prompting the stock market’s worst July in 17 years.

Fraud, Scams & Cybercrime

AMAC Targets Illegal Fundraising by Fund Managers

By Editors | 25/08/2019

Some managers of privately-offered funds are using capital intended for specific investments on themselves or to illegally operate P2P lending businesses.

KYC & CDD

HKMA Issues Clarification on Non-Face-to-Face Onboarding

By Editors | 24/08/2019

In line with SFC requirements, the HKMA says banks need not re-verify a client’s identity when opening an investment account if they’ve already done so for bank account opening.