Topic: Financial crime
Banks must report security law violations, Hong Kong regulator says
The Hong Kong Monetary Authority has told banks they should report violations of the territory’s controversial National Security Law as they would anti-money laundering/counter-financing of terrorism violations.
22 October 2020
DFS calls for regulators to target social media companies after Twitter hack
New York’s Department of Financial Services has called for social media companies to be regulated as systemically important institutions, saying a July hack of multiple public figures’ Twitter accounts raised serious cybersecurity concerns.
15 October 2020
FATF and Hong Kong regulators target crypto and anonymity “red flags”
Reports released from the Financial Action Task Force and Hong Kong’s securities regulator have pointed to money laundering and terrorism financing “red flags” arising from the use of crypto asset exchanges.
28 September 2020
Baoshang bankruptcy a “compliance wake-up call” in China
China’s central bank has announced that it will allow troubled Baoshang Bank to become the first commercial lender to file for bankruptcy in China since 2001, in a move that could prompt other lenders to “step up” their risk assessments and internal audits amid growing non-performing loan portfolios.
10 August 2020
Malta mulls regulatory shakeup as ECB revokes another banking licence
Malta is considering giving its prudential and conduct regulator new supervisory and investigative anti-money laundering powers, as the ECB terminates a local bank’s licence over AML failings.
10 July 2020
Cypriot regulator fines Commerzbank for historic market manipulation
The Cypriot securities regulator has fined Germany’s Commerzbank €650,000 after finding it helped inflate the share price of a defunct local bank, in what is thought to be the largest case of market manipulation ever investigated on the island.
08 July 2020
BaFin “rocked asleep” by Wirecard hype
German regulator BaFin is facing questions over its supervision of fintech company Wirecard, which announced on Monday that €1.9 billion had vanished from its balance sheet.
24 June 2020
ASIC cracks whip on SocGen securities unit after client money failures
Australia’s financial regulator has imposed new conditions on the licence of Société Générale’s local securities unit to ensure the it complies with client money regulations, a year after restarting its operations in the country.
15 June 2020
Chinese regulator overhauls financial crime rules
China’s banking regulator has announced new guidelines for financial institutions to deal with financial crime, in a move that could see banks held accountable for lax reporting and employee misconduct.
05 June 2020
Singapore regulator slaps disgraced bankers with hefty bans
Singapore’s banking regulator has barred two convicted bankers from participating in financial advisory services for a combined 35 years.
13 May 2020
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