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Fraud, Scams & Cybercrime
Bangladesh: Three Private Banks Hit by Cyber Attacks
By Editors | 25/06/2019
Hackers stole $3m from Dutch-Bangla Bank using cloned credit cards and cash machines in Cyprus, Russia and Ukraine.
Conduct, Culture & Accountability
Australia: New Banking Code of Practice Set to Take Effect
By Editors | 25/06/2019
The ABA’s new Banking Code of Practice takes effect from 1 July. Lenders have welcomed the changes, but the FBAA says brokers shouldn’t sign the financial abuse declaration form.
Capital Adequacy
BCBS Issues Report on Pillar 2 Supervisory Review Practices
By Editors | 24/06/2019
The report describes the key concepts of Pillar 2 and the different practices in use across Basel Committee member jurisdictions.
Anti-Money Laundering
Hong Kong AML/CFT Regime Under FATF Spotlight
By Ralph Cunningham | 24/06/2019
The report on the APG-FATF joint assessment is expected to be published in September, and show that Hong Kong still has some work to do.
Anti-Money Laundering
FATF Adopts Global AML/CTF Standards for Crypto Activity
By Manesh Samtani | 24/06/2019
The FATF has established binding obligations for countries and virtual asset service providers to comply with AML/CTF standards to prevent the misuse of virtual assets.
Trading & Investment
Hong Kong SFC Releases 2018-19 Annual Report
By Editors | 24/06/2019
The SFC is working to introduce an investor identification regime for southbound Stock Connect trading in mid-2019, and considering adopting a market-wide circuit breaker mechanism.
Market Abuse
Shanghai Court Jails Former UBS Banker for Insider Trading
By Editors | 24/06/2019
The banker disclosed deal information to two associates in 2017, allowing them to profit from inside information related to Cosco Shipping’s acquisition of Orient Overseas.
Market Abuse
US SEC Charges Five Asian Traders for Market Manipulation
By Editors | 21/06/2019
The SEC has charged three Malaysians, one Singaporean and one Chinese national with violating antifraud and market manipulation provisions.
Anti-Money Laundering
Non Bank Payment Providers Raise Compliance Costs: LexisNexis
By Editors | 20/06/2019
High labour costs in the AML function are partly driven by the growth of non-bank payment providers, which increase complexity and reduce transparency in the transaction chain.
Structural Regulation
FSC, FSS Agree to Audit KRX, Disagree on Scope
By Editors | 20/06/2019
The FSS and FSC have agreed to conduct an audit of KRX by year end, though they disagree on its possible scope and comprehensiveness.
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