Anti-Money Laundering

Australian Banks Flagged in SARs from FinCEN Files

21/09/2020

Among the potentially suspicious transactions were more than $174mn of possibly illicit funds that flowed through Australian banks.

Anti-Money Laundering

MAS ‘Closely Studying’ Singapore Mentions in FinCEN Files

21/09/2020

The SARs contained in the FinCEN Files flagged 1,781 transactions that flowed through Singapore as potentially suspicious.

Credit Risk

BOT Sets Out New Rules for ‘Digital Personal Loans’

21/09/2020

Under the regulations, alternative data including payment information relating to water, electricity and telephone bills can be used to support loan applications.

Anti-Money Laundering

Covid-19 Presents Opportunity to Disrupt Criminals: APG

20/09/2020

In its latest typologies report, the APG says Covid-19 may provide a unique opportunity for law enforcement and FIUs to detect and disrupt certain money laundering operations.

Market Abuse

Korea to Introduce Civil Penalties for Unfair Trading

20/09/2020

Currently, unfair trading activities are punishable under criminal law, but prosecutions often take a long time due to the high burden of proof required.

PEPs & Sanctions

Cambodia, China Reject US Sanctions Against Chinese SOE

20/09/2020

OFAC alleges that Chinese state-owned company Union Development Group seized land from locals for development through a corrupt Cambodian general.

KYC & CDD

HKMA Issues Revised AML/CFT Guideline for SVF Licensees

20/09/2020

SVF licensees are given until 2 July 2021 to implement appropriate measures consistent with the revised guideline, which includes guidance on remote on-boarding.

Credit Risk

CBIRC Raises Leverage Limits for Microfinance Companies

20/09/2020

Microfinance companies can issue standardised debts such as bonds and ABS products up to 4 times net assets, compared to 0.5 to 3 times net capital previously.

Anti-Money Laundering

FinCEN Seeks Comments on Enhancing Bank AML Effectiveness

20/09/2020

One of the proposals is to incorporate an “effective and reasonably designed” AML programme component to empower FIs to allocate resources more effectively.