Financial Crime

Supervision & Enforcement

CBIRC Fines WeBank $285m for Multiple Lending Violations

By Editors | 14/08/2019

An inspection last year found that some employees at the digital bank used consumer loans to invest in stock and futures trading.

Anti-Money Laundering

Singapore Shell Companies Vulnerable to Money Laundering: MAS

By Editors | 14/08/2019

While money launderers and tax evaders have traditionally used offshore companies, some have shifted to onshore companies to evade detection.

KYC & CDD

Malaysia to Introduce e-KYC for Money Services Businesses

By Editors | 13/08/2019

BNM has set out the requirements money changers must observe in non-face-to-face customer onboarding, to ensure effective and robust AML/CFT controls.

Anti-Money Laundering

Malaysia Files Criminal Charges Against 17 Goldman Directors

By Editors | 12/08/2019

The current and former directors each face 1MDB-related charges carrying a maximum 10-year jail term and a minimum penalty of 1 million ringgit.

Anti-Bribery & Corruption

Another Former Huarong Executive Charged with Corruption

By Editors | 12/08/2019

The former chairman of Huarong Investment Stock Corp, Qin Ling, stands accused of using his position to seek benefits for others, accepting bribes, and embezzlement.

Fraud, Scams & Cybercrime

Australia Records Decline in Payment Fraud Rates

By Editors | 09/08/2019

AusPayNet’s latest data shows a decline in the overall rate of card fraud for 2018, alongside slower growth in online fraud.

Credit Risk

RBI Cuts Consumer Credit Risk Weight, Offers Boost to NBFCs

By Editors | 09/08/2019

The RBI will increase bank exposure limits for NBFCs, allow on-lending to priority sectors, and enable near-real-time tracking of payments fraud through the creation of a centralised registry.

Operational Risk

APRA Fines Westpac A$1.5mn for Late EFS Reporting

By Editors | 09/08/2019

Westpac and two of its subsidiaries were late in filing monthly and quarterly reports for APRA’s Economic and Financial Statistics programme.

Fraud, Scams & Cybercrime

UN Report: North Korea Still Accessing International Financial System

By Editors | 09/08/2019

The report says North Korea has amassed $2bn from cyberattacks on banks and crypto exchanges, and that it has about 30 overseas representatives helping it evade sanctions.