Financial Crime

Anti-Money Laundering

Human Trafficking and AML: 2019 Could Be a Turning Point for Asian Banks

By Nick Turner | 03/01/2019

Banks will need to adapt existing AML programmes to include new monitoring scenarios and train staff to recognise human trafficking red flags, says Nick Turner at Clifford Chance.

Anti-Money Laundering

JPMorgan Hong Kong Fined for Inadequate AML/CTF Controls

By Editors | 30/12/2018

An HKMA investigation found that JPMorgan Hong Kong failed to establish and maintain effective controls for handling wire transfers, conducting CDD and monitoring business relationships.

Market Abuse

Hong Kong Asset Manager Fined for Wash Trading

By Editors | 28/12/2018

The asset management firm was both the buyer and seller in a transaction between two of its brokers, which the SFC deemed was a wash trade.

Market Abuse

S. Korea’s Largest Crypto Exchange Accused of Inflating Volumes, Prices

By Editors | 27/12/2018

South Korea’s Upbit is alleged to have used bots to manipulate trading volumes and prices to attract investors to the exchange. Two officers and an employee have been indicted.

Liquidity Risk

PBOC to Penalise Delayed Reserve Requirement Deposits

By Editors | 24/12/2018

The PBOC will boost oversight mechanisms, improve checks and impose penalties to prevent financial institutions’ reserves at the central bank from falling below statutory requirements.

KYC & CDD

Taiwan FSC to Amend Rules on Beneficiary Disclosure

By Editors | 20/12/2018

Insufficient disclosures of corporate clients’ beneficiaries by financial institutions was cited as one of Taiwan’s shortcomings in the APG’s latest report.

Anti-Money Laundering

MAS Extends Prohibition Against Goldman’s Leissner to Lifetime Ban

By Editors | 20/12/2018

The March 2017 prohibition order barring former banker Tim Leissner for 10 years was based on limited information; US DOJ charges provided evidence of his involvement in 1MDB fund flows.

Credit Risk

APRA Removes Cap on Interest-Only Lending

By Editors | 19/12/2018

Caps on investor and interest-only lending have served their purpose of moderating higher risk lending and improving lending standards, according to APRA chairman Wayne Byres.

Cryptocurrency

Japan FSA Publishes New Draft Framework on Crypto Assets

By Manesh Samtani | 19/12/2018

The framework will impose restrictions on privacy coin listings, margin trading, derivative transactions and ICOs, and introduce new requirements to protect investors against hacks.