Tag: financial watchdog

July 09, 2024 BY Elizabeth Anderson

Hong Kong Monetary Authority Fines DBS Bank $1.28m

The HKMA investigated alleged control failures at DBS Bank between April 2012 and April 2019. The financial watchdog conducted an investigation under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the Laws of Hong Kong). The HKMA identified control discrepancies such as the inconsistent monitoring of business relationships, lapses in evaluating high-risk events,…

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November 17, 2023 BY Elizabeth Anderson

ASIC and AFSA commit to updated memorandum of understanding

The last update occurred in 2014. Essentially, the document states that the two agencies will continue to cooperate in pursuit of their goal to holistically serve the Australian government and protect and promote confidence in the country’s financial system. Setting out a framework for continued cooperation, the refreshed MoU strives to facilitate liaison, assistance, and…

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