Financial Crime

Market Abuse

Hong Kong ICAC Files Charges Against Former Convoy Director

By Manesh Samtani | 18/05/2019

Charges were laid against Cho Kwai Chee, a former director of Convoy Global Holdings, one of the companies said to be at the centre of the so-called ‘enigma network’.

KYC & CDD

FSC Korea Fines Four Brokers for False Name Accounts

By Editors | 17/05/2019

South Korea’s FSC has fined four local brokerages for holding accounts belonging to Samsung Group chairman Lee Kun-hee under other people’s names.

Anti-Money Laundering

The Need for a Cross-Sector & Cross-Jurisdictional AML Regime

By Claus Christensen | 16/05/2019

It’s time to have a conversation about implementing real AML information sharing across organisations, sectors and jurisdictions, writes Claus Christensen at Know Your Customer Ltd.

AI Risk & Governance

Artificial Intelligence Holds “Immense Potential” for Risk Management – MAS

By Garima Chitkara | 16/05/2019

MAS is using artificial intelligence tools for risk detection and market surveillance, while also working to strengthen protections against cyber risk, data breaches and AI-based discrimination.

Anti-Money Laundering

Wolfsberg Group Publishes Guidance on Customer Tax Evasion

By Editors | 15/05/2019

Financial institutions should be able to leverage existing financial crime compliance, conduct and tax (including tax transparency regimes) procedures and controls, to address the risks of customer tax evasion.

Fraud, Scams & Cybercrime

Taiwan Adviser Found Embezzling $4.8mn Over 14 Years

By Editors | 14/05/2019

A Hua Nan Commercial Bank adviser allegedly withdrew money from client accounts and made loans in their names, before diverting the funds to a company operated by her relatives.

Anti-Money Laundering

New Zealand FMA Issues AML/CFT Warnings to 10 Reporting Entities

By Editors | 14/05/2019

The warnings relate to failures by the firms to comply with requirements to have their risk assessments and AML/CFT programmes audited every two years.

Cybersecurity

SWIFT Responds to India Cyber Threat With New Paper

By Editors | 13/05/2019

SWIFT has published a new paper to help financial institutions in India improve their monitoring of anomalous and potentially fraudulent transactions.

Market Abuse

MAS Imposes Multi-Year Bans for ‘Dishonest Conduct’

By Editors | 10/05/2019

Two former representatives of Jefferies Singapore colluded to trade against their firm using privileged information, representing ‘deceptive conduct’ which contravenes the SFA.