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Regulatory Update

26th August 2016

China issues new regulations on peer to peer lending platforms

China's banking regulators have described almost half of China's peer to peer online lending platforms as 'problematic', Shanghai Daily has reported. Read More

26th August 2016

India: AAP removes Sucha Singh Chhotepur as Punjab chief for alleged corruption

The political affairs committee of the Aam Aadmi Party took the action against the Punjab AAP convener Chhotepur. Chhotepur will now face a disciplinary committee of the party, comprising Delhi lawmaker Jarnail Singh and former Punjab bureaucrat and AAP leader Jasbir Singh Bir, regarding allegations of corruption. Differences between top… Read More

26th August 2016

Brazilian police ready to follow investigation ‘all over the world’

Brazilian police believe money related to the Olympics ticket touting scandal is “lodged in bank accounts all over the world” and that they may need to begin a new “money laundering” investigation to find out who was allegedly involved. Read More

26th August 2016

South Korean Executive Dies Before Questioning in Corruption Inquiry

A top executive at the Lotte Group, one of South Korea’s largest family-controlled conglomerates, was found dead on Friday in an apparent suicide, hours before he was scheduled to appear before prosecutors investigating allegations of corruption at the company. The body of… Read More

26th August 2016

India: Sebi relaxes restrictions on over 250 entities

Sebi has eased curbs on over 250 entities against whom the regulator had taken action in three different cases of alleged misuse of stock market platform for tax evasion and suspected money laundering activities. The entities, which were barred from the securities market in three different cases, have now been… Read More

26th August 2016

US: FinCEN Proposes Anti-Money Laundering Rules for Certain Banks, Credit Unions

The Financial Crimes Enforcement Network on Thursday issued a proposed rule that would subject banks with no functional federal oversight to anti-money laundering standards, ending an exemption for those institutions, according to FinCEN’s notice. The proposed rule would establish minimum anti-money laundering standards, such as customer identification program requirements, for financial institutions that… Read More

26th August 2016

Pakistan: Anti-money laundering cell set up at DG I & I Headquarters

In a major move to carry out investigations related to Anti-Money Laundering Cases under Anti-Money Laundering Act, 2010, a dedicated Anti-Money Laundering Cell has been set up at the Directorate General Intelligence & Investigation Headquarters, Federal Board of Revenue (FBR). According to a notification issued by the Directorate General Intelligence… Read More

26th August 2016

UK: Regulators to dig deeper into worries over money-laundering checks

Global regulators will try to get more insight into why major banks are withdrawing from handling cross-border payments, making it harder for people to send money to relatives and loved-ones abroad. Banks say it has become more costly to comply with tougher customer checks against money-laundering and terrorist financing, putting… Read More

25th August 2016

Egypt’s supplies minister resigns over corruption

Egyptian Supplies Minister Khaled Hanafy resigned Thursday amid sharp criticism over corruption charges related to wheat purchases and expenses. The minister has been facing charges of using millions of dollars allocated for subsidies to purchase wheat that existed only on papers in the most populous Arab country and the world’s… Read More

25th August 2016

Premier orders examination of Mega Bank’s New York, Panama branches

Premier Lin Chuan (林全) on Thursday directed the Financial Supervisory Commission (FSC) to begin examining Mega International Commercial Bank’s New York and Panama branches immediately, after the bank was fined NT$180 million in the United States recently for violating anti-money laundering laws. Raising the issue at a weekly Cabinet meeting,… Read More

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