All posts tagged "Internal controls"
-
16ChinaChina Allows Foreign Bank Branches to Enter Fund Custody Business
Applicant banks must be of "high quality", specifically in relation to risk management, international reputation, operating performance, profitability and market share.
July 13, 2020 -
1.0KAML / KYCFATF Highlights Progress to Adopt AML Standards for Virtual Assets
35 of 54 reporting jurisdictions have implemented the FATF Standards on virtual assets and VASPs, and progress has been made to develop technology for travel rule implementation.
July 8, 2020 -
487EnforcementCFTC Settles Deutsche Bank Spoofing, Swaps Reporting Cases
Deutsche Bank will pay $9mn for violating swap data reporting requirements during a system outage, and $1.25mn for spoofing carried out by two Tokyo-based traders.
June 19, 2020 -
187ChinaCSRC to Optimise Classification System for Securities Firms
The changes are aimed at ensuring the classification system encourages firms to maintain focus on risk management capabilities and continuous compliance.
May 25, 2020 -
540AML / KYCSFC Reprimands, Fines Southwest Securities for AML/CFT Failures
The brokerage failed to implement adequate and effective policies and procedures to mitigate AML/CFT risks associated with third party deposits.
May 19, 2020 -
390KoreaS. Korea Enhances Flexibility for Financial Investment Businesses
The legislative revisions will allow firms greater flexibility to implement Chinese walls and outsource key functions, while allowing for harsher penalties when issues arise.
May 5, 2020 -
424Capital Regulation
FSC Korea Defers Tighter Supervision of Financial Conglomerates
The FSC has approved revisions to enhance capital adequacy assessments, internal control systems, and disclosure standards of financial conglomerates.
April 30, 2020 -
433Feature
S. Korea Finalises Risk Management Rules for Private Equity Funds
Private equity funds will have to undergo regular audits, adopt new valuation guidelines, conduct regular liquidity stress tests, and cap leverage at 400% of assets, among other measures.
April 27, 2020 -
506EnforcementFSS Prompts JP Morgan Securities Seoul to Enhance Internal Controls
South Korea's FSS has reportedly instructed the Seoul branch of JP Morgan Securities to strengthen its internal controls on inter-subsidiary relations.
April 22, 2020 -
515AML / KYCIndustrial Bank of Korea to Pay $86m for US Sanctions Violations
The bank failed to capture and prevent USD 1 billion in transactions to Iranian entities, cleared through financial institutions located in New York including its own branch.
April 22, 2020
