Financial Crime

KYC & CDD

FSB Details Progress to Address Decline in Correspondent Banking

By Editors | 03/06/2019

The number of active correspondent banks declined by 3.4% in 2018, bringing the cumulative decline since 2011 to 19.3 percent.

Supervision & Enforcement

HK, Singapore, Japan Associations Launch APAC RegTech Network

By Manesh Samtani | 03/06/2019

The APAC RegTech Network seeks to enhance cross-border collaboration on regtech education and implementation across the region.

Structural Regulation

FSC Korea Proposes More Flexible Business Conduct Rules

By Editors | 02/06/2019

‘Chinese walls’ at financial firms will be set up around ‘information units’ rather than ‘business units’. Firms can entrust a broader range of business to third parties and IT firms.

Anti-Money Laundering

SFC Asks Licensed Firms to Review Controls on Third-Party Deposits

By Editors | 01/06/2019

Senior management will be held accountable for failures to put in place effective policies, procedures and controls for handling third-party deposits and payments.

Anti-Money Laundering

Financial Crime on the Rise in APAC

By Editors | 31/05/2019

Almost three-quarters of Asia Pacific organisations have been victims of financial crime in the past year, according to recently published survey results by Refinitiv.

Supervision & Enforcement

SFC Fines China Merchants Securities for Mishandling Client Money

By Editors | 31/05/2019

China Merchants Securities has received a second fine this week, this time for using funds from client trust accounts for purposes not allowed under the SFC’s Client Money Rules.

KYC & CDD

RBI Allows Banks to Use Aadhaar for KYC

By Editors | 31/05/2019

The RBI will allow banks to use Aadhaar to authenticate and verify customer identities, provided customer consent is obtained.

Market Abuse

Japan FSA Takes Action Against Nomura Over Information Leak

By Editors | 29/05/2019

The FSA has issued a number of business improvement orders to Nomura after it was revealed that its employees had shared sensitive stock market information with clients.

Conduct, Culture & Accountability

SFC Fines China Merchants Securities for IPO Sponsor Failures

By Editors | 28/05/2019

China Merchants Securities was a joint sponsor with UBS – fined in March – for the 2009 IPO of China Metal Recycling, which was found to have fabricated financial information.