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Fraud, Scams & Cybercrime
China Market Supervisor Issues Fines Against Luckin Coffee
By Editors | 22/09/2020
Luckin was able to falsely inflate revenue, costs and profits last year with the help of 43 third-party companies, which have also been fined.
KYC & CDD
Sri Lanka: CSE Enables Digital ID Verification for Account Opening
By Duruthu E Chandrasekera | 22/09/2020
The CSE and Central Depository System can digitally verify national ID card details against information held by the Department for Registration of Persons.
PEPs & Sanctions
US Imposes Sanctions on 27 Iranian Entities, Individuals
By Editors | 22/09/2020
Any foreign FI that knowingly facilitates a significant transaction for the designated individuals or entities could be subject to US sanctions.
Anti-Money Laundering
FinCEN Files Reveal AML Failures at Global Banks
By Manesh Samtani | 21/09/2020
The trove of documents shows that the banks allowed $2tr to flow through the financial system despite having flagged the transactions as suspicious.
PEPs & Sanctions
Cambodia, China Reject US Sanctions Against Chinese SOE
By Editors | 20/09/2020
OFAC alleges that Chinese state-owned company Union Development Group seized land from locals for development through a corrupt Cambodian general.
Anti-Money Laundering
FinCEN Seeks Comments on Enhancing Bank AML Effectiveness
By Editors | 20/09/2020
One of the proposals is to incorporate an “effective and reasonably designed” AML programme component to empower FIs to allocate resources more effectively.
Structural Regulation
Sri Lanka to Enhance Capital Market Through New SEC Act
By Duruthu E Chandrasekera | 19/09/2020
The new SEC Act will allow for recognition of new categories of market intermediaries and introduce new enforcement mechanisms to deal with market misconduct.
Structural Regulation
Cambodia to Unify Non-Banking Financial Services Regulators
By Sanday Chongo Kabange | 18/09/2020
Regulators of insurance, private pensions, securities, social security, administration, accounting and auditing, real estate, mortgages and guarantees will be combined into a single authority.
Clearing & Post-Trade
Colombo Stock Exchange Digitalises Core Operations
By Duruthu E Chandrasekera | 18/09/2020
Account opening and post-trade functions such as clearing and settlement are now electronically enabled. E-contract notes and e-statements have also been adopted.
Operational Risk
US Regulators to Reprimand Citigroup Over Risk Management
By Editors | 16/09/2020
The Federal Reserve and OCC are expected to require Citigroup to develop and execute a plan to improve its risk management systems.
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