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KYC & CDD
China’s Rules for Blockchain to Take Effect in February
By Manesh Samtani | 15/01/2019
Companies will be required to verify user data based on national IDs and phone numbers, effectively removing the anonymity of blockchainin the country.
Anti-Bribery & Corruption
NSE Chairman Resigns Amid Bribery Probe
By Editors | 14/01/2019
NSE chairman Ashok Chawla was named in a charge sheet related to a bribery case involving telecom operator Aircel and its Malaysian investor Maxis.
Conduct, Culture & Accountability
RBI Imposes Monetary Penalty on Citibank India
By Editors | 14/01/2019
The ₹30mn penalty is based on deficiencies in regulatory compliance related to ‘fit and proper’ requirements for bank directors.
Anti-Money Laundering
Philippine Court Rules in First Conviction in Bangladesh Bank Heist Case
By Garima Chitkara | 11/01/2019
Former RCBC bank manager Maia Santos-Deguito faces 49 years imprisonment and fines of up to $110mn for her role in the February 2016 theft of $81mn from Bangladesh’s central bank.
Cryptocurrency
Japan FSA to Crack Down on Unlicensed Crypto Investment Firms
By Editors | 10/01/2019
Currently, investment firms collecting funds from investors in cryptocurrency do not explicitly fall under Japan’s Financial Instruments and Exchange Act.
KYC & CDD
China to Relax Approval Process for Corporate Bank Accounts – Report
By Editors | 10/01/2019
The relaxation of account opening policies will enable companies to open bank accounts in a few days rather than wait months for central bank approval.
Market Abuse
China Securities Regulator Breaks Record with 2018 Penalties
By Editors | 08/01/2019
The CSRC imposed fines of over $1.55bn in 2018, with the largest number of cases relating to insider trading, illegal disclosures and market manipulation.
Fraud, Scams & Cybercrime
UPDATED – Losses from Bank Fraud Up 72 Percent – RBI
By Editors | 07/01/2019
According to RBI data, the higher losses are in large part due to increasing cybercrime as well as the Punjab National Bank scandal in February 2018.
Anti-Money Laundering
New Rules for Payments, E-Commerce Take Effect in China
By Editors | 04/01/2019
Non-bank payment institutions will be required to report to the central bank any consumer transactions exceeding 50,000 yuan and cross-border transfers over 200,000 yuan.
Market Abuse
SEBI to Upgrade Market Surveillance System and Data Warehouse
By Editors | 04/01/2019
India’s securities regulator is looking to beef up its IT infrastructure for market surveillance and trade data analysis to improve detection of market violations.
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