Financial Crime

Fraud, Scams & Cybercrime

Philippines’ RCBC Sues Bangladesh Bank for Defamation

By Editors | 15/03/2019

In the latest twist in the Bangladesh Bank cyber heist saga, Philippine lender Rizal Commercial Banking Corp has filed a defamation suit against Bangladesh’s central bank.

Anti-Money Laundering

Securities Commission Malaysia Issues Show-cause Notice to Goldman

By Editors | 15/03/2019

Malaysia’s securities regulator has reportedly issued a show-cause notice to Goldman Sachs, assumed to be in connection with the multi-billion dollar 1MDB scandal.

Conduct, Culture & Accountability

SFC Fines UBS and Others HK$787mn for IPO Sponsor Failures

By Manesh Samtani | 15/03/2019

“The sanctions send a strong and clear message to the market that we will not hesitate to hold errant sponsors accountable for their misconduct,” said SFC chief Ashley Alder.

Conduct, Culture & Accountability

APRA to Publish Names of Worst Performing Super Funds

By Editors | 15/03/2019

APRA plans to publish the names of Australia’s worst performing superannuation funds in a drive to improve investor outcomes, standards and accountability in the industry.

PEPs & Sanctions

Anarchy in the UK’s Sanctions Regime

By Eric A. Sohn | 13/03/2019

In light of the OFSI’s recent fine on Raphaels Bank, Eric Sohn at Dow Jones Risk & Compliance looks at other seemingly outsized penalties, and what they could mean.

Market Abuse

ISDA Consults on Proposals to Clean Up CDS Market

By Editors | 12/03/2019

The proposals seek to end a trading practice of encouraging otherwise healthy companies to default by offering them favourable financing in order to pocket CDS payouts.

KYC & CDD

SEBI’s Meets Opposition from Global Funds on KYC Requirements

By Editors | 12/03/2019

Global asset managers have opposed SEBI’s plan to create a centralised database of beneficial owners of foreign portfolio investors.

KYC & CDD

Bank of Ayudhya Uses Facial Recognition in Account Opening

By Editors | 12/03/2019

Bank of Ayudhya has become the first bank in Thailand to introduce facial recognition in account opening, which it says will enhance security and prevent fraud and identity theft.

Conduct, Culture & Accountability

Australian Banks Taking Too Long to Fix ‘Fees-For-No-Service’ Failings – ASIC

By Editors | 12/03/2019

Delays attributed to poor record-keeping and systems, failures to implement methodologies to identify and compensate customers, and an overly legalistic approach at some institutions.