19th December 2019
The solicitor’s watchdog is pursuing law firms that have failed to fulfil anti-money laundering rules after evidence showed high levels of non-compliance. It has written to 6,500 compliance officers for legal practices asking them to make a declaration that they have a firm-wide money laundering risk assessment in place. All… Read More
18th December 2019
The Bangko Sentral ng Pilipinas (BSP) said it will be probing about 10 banks to assess their ties with an Australian bank caught in a massive money laundering scandal. At the center of the inquiry is the Bank of the Philippine Islands (BPI), which is the remittance partner of Westpac,… Read More
18th December 2019
Australia’s banking regulator will use its increased investigative powers for the first time to examine whether Westpac Banking Corp (WBC.AX) directors and executives broke the law as part of the bank’s money laundering scandal. Westpac will be required to hold an extra A$500 million ($339 million) in capital… Read More
17th December 2019
BNM (Bank Negara Malaysia) has issued an exposure draft setting out proposed requirements and standards for financial institutions looking to implement e-KYC in customer onboarding. The requirements are aimed at enabling the safe and secure application of e-KYC technology in the financial sector, and at facilitating BNM’s continued ability to… Read More
17th December 2019
Many investment firms have been touting new products as socially responsible. Now, regulators are scrutinizing some funds in an attempt to determine whether those claims are at odds with reality. The Securities and Exchange Commission has sent examination letters to firms as record amounts of money flow into ESG funds. Read More
17th December 2019
Britain’s government is set to announce its choice for the next boss of the Bank of England, one of its most pressing decisions after last week’s election victory of Prime Minister Boris Johnson. Below are possible contenders to replace Mark Carney as governor of the BoE which oversees the world’s… Read More
17th December 2019
South Korea’s financial regulator on Monday granted preliminary approval for a new internet-only bank, a move that could further fuel competition with established bigger players and foster the fledgling market. The Financial Services Commission (FSC) gave the initial approval to the consortium led by South Korean fintech firm Viva Republica. Read More
16th December 2019
The U.K. capital’s financial center cheered Boris Johnson’s emphatic election victory for alleviating the Brexit uncertainty that has hung over the British economy’s key engine for 3½ years. Banks and financial firms have been preparing for a disruptive Brexit, collectively spending billions of pounds to protect themselves, while also… Read More
16th December 2019
UK regulators are increasingly ordering independent investigations into financial institutions due to concerns over money laundering and white-collar crime, according to data cited by the Financial Times. The Financial Conduct Authority (FCA) and the Bank of England (BoE) ordered 51 “skilled persons’ reports” in the 2018-2019 fiscal year—a 16-percent… Read More
16th December 2019
The Treasury Department announced sanctions Friday against a diamond dealer who the government said has used an art gallery in Beirut, Lebanon, and an extensive personal collection, sprinkled with names like Pablo Picasso and Andy Warhol, to shelter and launder money. American officials described the diamond dealer, Nazem Said Ahmad,… Read More