All posts tagged "Record-keeping"
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353FeatureKorea Set to Introduce Tougher Penalties for Illegal Short Selling
Illegal short sellers can face fines of up to 100% of the amount of the short selling order, imprisonment for a year or more, and additional penalties up to five times unfair profits.
April 7, 2021 -
190Australia & NZAFCA Compels NAB to Repay Scammed Customers – Report
The bank had to repay over A$200,000 to an elderly couple after it was unable to produce records showing it had warned them about a cryptocurrency scam.
February 11, 2021 -
382AML / KYCPhilippine SEC Tightens Rules on Beneficial Ownership of Shares
New guidelines will require the disclosure of the identity of the beneficial owners of shares and prohibit the issuance of bearer shares.
February 10, 2021 -
351EnforcementUS Regulator Fines Goldman Over Employee Fingerprinting
FINRA said Goldman failed to maintain a reasonable system to identify and properly screen individuals who became associated with the firm in a non-registered capacity.
January 29, 2021 -
16.7KAML / KYCLessons Learned From APAC’s Landmark Year of AML Fines
Drawing from landmark penalties in 2020, FINTRAIL’s Payal Patel and Sara Abbasi identify key lessons to help financial institutions guard against financial crime.
January 20, 2021 -
308Korea
FSC Korea Prepares to Lift Ban on Illegal Short Selling
The FSC has revised the FSCMA enforcement decree as part of efforts to strengthen penalties for illegal short selling, as it prepares to lift a ban on short selling in March.
January 16, 2021 -
816AML / KYCRBI Mandates LEI Use for Large Payments via RTGS, NEFT
From 1 April 2021, all non-individual bank customers initiating or receiving transactions over 500m rupees via the RTGS or NEFT systems will need an LEI.
January 7, 2021 -
459AML / KYCJapan Regulators Order Crypto Exchange to Improve AML Systems
Avacus Co Ltd must build an AML/CTF risk management system that ensures transactions are confirmed and recorded at the time of transaction.
January 2, 2021 -
1.7KAML / KYCSFC, HKMA Offer Clarity on Product Disclosure, Suitability Obligations
The SFC and HKMA say firms may adopt a risk-based approach to streamline the provision of product disclosures for sophisticated or experienced investors.
December 30, 2020 -
593Hong Kong
SFC Provides Alternative for Compliance With Data Storage Rules
The SFC will accept an undertaking from core function MICs as an alternative means of satisfying the requirement for a countersigned notice or undertaking from an EDSP.
December 10, 2020
