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Regulatory Update

5th December 2016

Enforcement directorate arrests two private bank officers in money laundering probe

The Enforcement Directorate has arrested two officials of a private bank in the capital in connection with its money laundering probe for alleged irregularities in the conversion of old currency and supply of new notes leading to black money generation. Read More

5th December 2016

UK: RBS agrees multimillion-pound deal with shareholders

Bank reaches settlement with three of five shareholder groups who claim they were misled over the £12bn rights issue in 2008. Read More

5th December 2016

China regulator slams leveraged stock acquirers as ‘robbers’

China’s top securities regulator resorted to unusually harsh language to denounce leveraged acquisitions of shares in listed companies, as officials move to rein in financial risks associated with a surge in dealmaking. Read More

2nd December 2016

India: Large volumes of cash source of corruption, writes PM Modi on Linkedin

Contending that large volumes of liquid cash are a big source of corruption and black money, Prime Minister Narendra Modi on Friday appealed to the people to “lead the change” towards cashless transactions to lay the strong foundations of an India where there is no place for such malaise. Read More

2nd December 2016

U.S. anti-money laundering regulations well-developed, analysis finds

U.S. anti-money laundering regulations are well-developed, and domestic coordination to prevent money laundering and terrorist financing is sophisticated and has improved over the past 10 years, according to a Financial Action Task Force (FATF) evaluation issued Thursday. Read More

2nd December 2016

MAS fines StanChart, Coutts for anti-money laundering breaches from 1MDB probe

Standard Chartered Singapore and Coutts & Co were on Friday (Dec 2) fined S$5.2 million and S$2.4 million, respectively, by the Monetary Authority of Singapore for breaches of anti-money laundering (AML) requirements that occurred in the context of 1MDB-related fund flows. Read More

2nd December 2016

Money from Nigeria laundered in UK ‘should go to helping starving children’

Save the Children say £950m is needed by those affected by Boko Haram, with tens of thousands of children at risk of death in areas held by the group. Read More

2nd December 2016

UK: Tesco Bank cyber attack involved guesswork, study claims

Academics say working out card number, expiry date and security code of Visa card takes ‘as little as six seconds’. Read More

1st December 2016

Philippines: Money laundering amendment targets casinos, developers, traders

Casinos, real estate developers and dealers of high-value items will have to report any cash transaction exceeding P500,000 or $10,000 to the Anti-Money Laundering Council (AMLC) to help stop any illegal fund transfers in the Philippines. Read More

1st December 2016

UK: Tribunal adjourns ex-Barclays banker’s whistleblowing case

Privacy hearings surrounding a former senior Barclays investment banker's unfair dismissal claim have been adjourned until May next year, the FT reported. Read More

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