AML / KYC

FATF Publishes ‘Professional Money Laundering’ Report

31/07/2018

FATF says many countries not sufficiently investigating, prosecuting professional money launderers who provide third-party laundering services for a fee, often acting in a professional capacity also serving legitimate clients.

Enforcement

S. Korean Brokerage Employee Found Embezzling Customer Funds

31/07/2018

KB Securities IT department employee siphoned over $320,000 from inactive customer accounts to clear personal debts, raising concerns about internal monitoring at South Korean brokerages.

Securities / Derivatives

China Amends Delisting Rules Amid Vaccines Scandal

30/07/2018

Any company involved in illegal activities, disclosure rule violations, or whose action threatens public health, national or ecological security will face compulsory delisting from domestic exchanges.

Enforcement

UPDATED – US SEC Intensifies Probe into India’s NYSE-Listed ICICI Bank

28/07/2018

SEC officials have questioned two of the bank’s top executives on whistle blower allegations that loan provisioning was unfairly delayed to inflate profits by $1.3bn over eight years.

Market Infrastructure

CPMI-IOSCO Report Shows PFMI Implementation Progress

27/07/2018

21 of 28 jurisdictions self-attest to full implementation of PFMI; South Korea’ implementation gap relates to trade repositories, while Indonesia’s relates to clearing and settlement systems.

Enforcement

China Regulators Release First Half Enforcement Stats

27/07/2018

During H1 2018, CBIRC fined 798 banks and banned 175 banker as part of its crackdown on risk; meanwhile, CSRC launched 307 investigations and initiated 108 new cases.

AML / KYC

Crypto a Key Focus of FATF Report to G20

26/07/2018

FATF is actively monitoring crypto assets for AML/CTF risks and is reviewing its guidance and standards to determine if changes are needed to reflect their technical aspects.

Enforcement

Mizuho To Pay $1.25mn Fine To US SEC

26/07/2018

SEC alleged that Mizuho failed to prevent traders sharing stock buyback information pertaining to its issuer clients with each other and with hedge fund clients.

Securities / Derivatives

SFTR to Require Five Times More Reports Than Trades – DTCC

26/07/2018

New paper highlights the impact of incoming securities finance trade reporting obligations on the industry including collateral supply, liquidity and operations.