LATEST NEWS

AML / KYC

India Amends Laws Governing Accountants, Company Secretaries

By Editors | 05/05/2023

Chartered accountants, company secretaries, and cost and work accountants will have to maintain records of all financial transactions for clients.

Enforcement

MAS Imposes Additional Capital Surcharge on DBS for Outages

By Editors | 05/05/2023

A new disruption on 5 May prevented users from accessing digital banking, mobile wallet, brokerage, and ATM services.

AML / KYC

RBI Updates Master Direction on KYC for Wire Transfers

By Sanday Chongo Kabange | 05/05/2023

The revised master directions highlight the need for all wire transfers to be accompanied by accurate and complete originator and beneficiary information.

Enforcement

Ex-OpenSea Manager Convicted for NFT Insider Trading Scheme

By Editors | 05/05/2023

Nathaniel Chastain chose which NFTs to feature on OpenSea’s home page and then covertly traded those NFTs, altogether making about $57,000 in profits.

AML / KYC

Taiwan P2P Lender Collapses, Operator Arrested for Fraud

By Editors | 05/05/2023

The FSC is investigating five banks that dealt with the P2P lending platform, which was operated as a Ponzi scheme and stole an estimated $81.6mn from investors.

Enforcement

Goldman Under Probe for Possible Role in SVB Collapse

By Editors | 05/05/2023

Goldman Sachs said it is cooperating with governmental bodies in connection with their investigations and inquiries into SVB.

Market Infrastructure

India Asks State Lenders to Bring Overseas Business to GIFT City

By Editors | 05/05/2023

India’s government has asked public sector banks to explore consolidating the business they conduct through overseas branches to GIFT City.

Sanctions

India, Russia Suspend Efforts to Enable Trade via Rupees – Report

By Editors | 05/05/2023

Russia is reportedly concerned that a rupee settlement mechanism could cause it to end up with a large rupee surplus which is “not desirable”.

ESG / Sustainability

Working Group Formed to Update Bank Guidance on Biodiversity

By Editors | 05/05/2023

The working group, co-led by Crédit Agricole SA, First Abu Dhabi Bank and UBS, will issue updated guidance for banks on setting and achieving biodiversity targets.