Financial Crime

Liquidity Risk

PBOC Sets Out Beijing Penalties for Deposit Reserve Violations

By Editors | 24/07/2019

Draft measures from the PBOC set out four types of penalties Beijing-based financial institutions must pay when their deposit reserves fall below statutory requirements.

Credit Risk

CBIRC to Launch Special Inspections Targeting Property Lending Practices

By Editors | 24/07/2019

The special inspections will reportedly involve 75 banks in 30 cities, scrutinising all aspects of property-related loans, as regulators seek to rein in risk.

Credit Risk

RBI Urges Better Risk Monitoring, Faster NPA Resolution at State Banks

By Editors | 23/07/2019

RBI governor Shaktikanta Das asked state-owned banks to speed up bad debt recovery efforts, strengthen internal controls and risk monitoring, and help fix the ongoing NBFC liquidity crisis.

Fraud, Scams & Cybercrime

Hong Kong ICAC Charges Five More Individuals in Convoy Case

By Editors | 23/07/2019

Six individuals are now charged with conspiracy to defraud the Hong Kong stock exchange and the board of directors, shareholders and investors of Convoy.

Anti-Money Laundering

HKMA Grades SVF Sector as ‘Medium Risk’ in Latest AML/CTF Assessment

By Manesh Samtani | 22/07/2019

While most of the sector presents low risk, higher risk has emerged in SVF products that allow overseas cash withdrawals, cross border remittances, and person-to-person transfers.

Anti-Bribery & Corruption

China Bank Branch Head Commits Suicide Amid Corruption Probe

By Editors | 22/07/2019

China Development Bank’s Shandong branch head, Zhong Xiaolong, was reportedly being probed in connection with illegal loan guarantees made by the bank’s Jilin branch, where he was a former deputy head.

PEPs & Sanctions

Whistleblowers Allege SCB Cleared $57bn in Iran Transactions

By Editors | 22/07/2019

Whistleblowers reportedly claim that Standard Chartered Bank cleared more transactions in violation of Iran sanctions than the US government had used as its basis for fines issued in April.

KYC & CDD

SET Unveils Gateway to Access National Digital ID Platform

By Editors | 22/07/2019

The new gateway will reduce the setup costs required to access the NDID and enable financial firms to enable full digitisation of customer onboarding more quickly.

Fraud, Scams & Cybercrime

SEBI Proposes Additional Requirements for Resigning Auditors

By Editors | 22/07/2019

Under the proposal, auditors will be required to finalise their audit reports and make detailed disclosures regarding their reasons for resignation from listed companies.