All posts tagged "source of funds"
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376EnforcementTaiwan: FSC Fines Four Banks, Two Insurers $700,000
The Taiwan branch of Cardif Assurance Vie was fined for collaborating with banks to get clients to borrow money against old policies to buy new insurance products.
May 20, 2020 -
465AML / 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 -
2.1KAML / KYCUS Prosecutors Target Foreign Bank Records in North Korean Cyber Hunt
US authorities may be signalling their intent to increasingly use the PATRIOT Act to gain access to foreign bank records in DPRK sanctions investigations, says Nick Turner at Steptoe & Johnson.
May 5, 2020 -
385AML / KYCMyanmar Central Bank Revokes Licence of Local Bank
An investigation that started in 2017 found irregularities with the funding Asia Yangon Bank planned to use to meet its paid-up capital requirements.
March 26, 2020 -
955AML / KYCCiti Sent 99pc of Westpac Transfers That Breached AUSTRAC Requirements
Citi is not under investigation, though AUSTRAC has criticised the bank for not providing sufficient information about the payments and the source of funds.
December 4, 2019 -
571AML / KYC
AUSTRAC Commences Legal Action Against Westpac for AML Breaches
According to AUSTRAC's statement of claim, each of the 23 million contraventions attracts a civil penalty between A$17mn and A$21mn.
November 20, 2019 -
530AML / KYCThailand Cabinet Approves Draft AML Regulations
Under the rules, financial institutions will be required to obtain additional source of funds information from customers for cross-border transfers exceeding 50,000 baht.
October 8, 2019 -
561ChinaCSRC Issues Comprehensive Rules for Brokerage Firms
The role of brokerage firms in the securities market has not been fully utilised, and the professional services provided to investors are 'seriously inadequate', the CSRC says.
July 31, 2019 -
558China
China to Resume Approvals for Domestically Funded Securities Firms
All newly approved brokerages since 2008 have been joint ventures between domestic and foreign investors. But market access should also be broadened to domestic investors, the CSRC says.
July 8, 2019
