United States

AML / KYC

Cambodia, China Reject US Sanctions Against Chinese SOE

By Editors | 20/09/2020

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

AML / KYC

FinCEN Seeks Comments on Enhancing Bank AML Effectiveness

By Editors | 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.

Enforcement

Sri Lanka to Enhance Capital Market Through New SEC Act

By Duruthu E Chandrasekera | 19/09/2020

The new SEC Act will allow for recognition of new categories of market intermediaries and introduce new enforcement mechanisms to deal with market misconduct.

Cambodia to Unify Non-Banking Financial Services Regulators

By Sanday Chongo Kabange | 18/09/2020

Regulators of insurance, private pensions, securities, social security, administration, accounting and auditing, real estate, mortgages and guarantees will be combined into a single authority.

Market Infrastructure

Colombo Stock Exchange Digitalises Core Operations

By Duruthu E Chandrasekera | 18/09/2020

Account opening and post-trade functions such as clearing and settlement are now electronically enabled. E-contract notes and e-statements have also been adopted.

Enforcement

US Regulators to Reprimand Citigroup Over Risk Management

By Editors | 16/09/2020

The Federal Reserve and OCC are expected to require Citigroup to develop and execute a plan to improve its risk management systems.

AML / KYC

DOJ Charges Three for North Korea Sanctions Breaches

By Sanday Chongo Kabange | 15/09/2020

Two North Koreans and one Malaysian allegedly used front companies to deceive US banks into processing transactions for North Korean customers.

Securities / Derivatives

Thailand’s SEC Proposed to Raise Fees on Futures Trading

By Sanday Chongo Kabange | 15/09/2020

The SEC wants to replace the annual fixed fee charged to the TFEX with a per-contract fee, which could more than triple the cost to the futures bourse.

Market Infrastructure

Bangladesh Bank Offers Assurances on Cybersecurity at Banks

By Duruthu E Chandrasekera | 14/09/2020

Bangladesh banks in facing renewed cyber threats last month, but their regulator, Bangladesh Bank, says the situation is under control.