Financial Crime

Fraud, Scams & Cybercrime

UniCredit China Employee Embezzled $15mn of Client Money

By Editors | 10/04/2019

The employee allegedly used a group supervisor’s password to access the funds, which were used to buy apartment units in the US, Greece and Japan.

Anti-Money Laundering

Standard Chartered Fined Over $1bn by US, UK Authorities

By Editors | 10/04/2019

Standard Chartered Bank will pay $947mn to US authorities for poor AML controls and sanctions breaches, and $134mn to the UK FCA for AML breaches.

Market Abuse

S. Korea Fines Another Goldman Affiliate for Naked Short Selling

By Editors | 10/04/2019

Goldman Sachs India Investment, along with three other offenders, has been fined for naked shorting by South Korean authorities

Anti-Money Laundering

MAS Renews Call for Use of Data Analytics in AML/CFT Programmes

By Manesh Samtani | 09/04/2019

MAS has renewed calls for financial institutions to further develop their data analytics capabilities in the interest of improving the effectiveness of their AML/CFT programmes.

Credit Risk

China’s Henan Province Has an NPL Problem – Report

By Editors | 08/04/2019

Of Henan’s 93 commercial banks, 42 have high levels of nonperforming loans, a dozen of which reported an NPL ratio above 20%, ‘several’ as high as 40%.

Conduct, Culture & Accountability

ASIC, APRA Granted New Intervention Powers

By Editors | 05/04/2019

ASIC can intervene where financial and credit products put consumers at risk; APRA can intervene to prevent harm to superannuation members.

Conduct, Culture & Accountability

Australia Budget Delivers Additional Funding for APRA, ASIC

By Editors | 04/04/2019

APRA and ASIC will get more than A$550mn in funding to enhance their effectiveness in addressing financial sector misconduct.

Structural Regulation

APRA Consults on Financial Sector Shareholdings Rules

By Editors | 03/04/2019

The proposed rules set out the matters that must be considered in determining if a person is “fit and proper” to own 20% or more in an ADI, life insurer or general insurer.

Anti-Money Laundering

Artificial Intelligence – the Ultimate Weapon to Fight Financial Crime

By Karl Seagrave | 03/04/2019

Getting buy-in from senior management is one of the biggest hurdles to adopting AI in the fight against financial crime, says Fenergo’s Karl Seagrave.