News Headlines
[Hong Kong] Five held over $170m cross
border cash laundering runs
The Standard, 26 Aug 2021
Three cross-border drivers and two owners of a currency exchange store
have been arrested for transporting HK$170 million in cash across the Hong
Kong-Zhuhai-Macao Bridge, the first time drivers have been caught transporting
money for laundering. The Customs and Excise Department had received 17
declarations for bringing a huge amount of money from two of the three
cross-border drivers since May, ranging from HK$3 million to HK$27 million, all
of which were declared to be for self-use. Commander of the police's finance
investigation division said officers found it suspicious that the drivers took
only an hour to return after making an ostensible Hong Kong-to-Zhuhai trip -
when it usually takes at least 80 minutes. There was also a mismatch of means
between the drivers' income levels and the amount of money they were declaring.
Neither owned their places of residence.
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Articles/ Publications
Indonesian regulator
introduces digital banking regulations, report says
Asia Asset Management
News, 25 Aug 2021
Indonesia’s Financial Services Authority has
introduced digital banking regulations requiring the lenders to have as much as
10 trillion rupiah (US$694.22 million) of minimum capital and at least a head
office in the capital city of Jakarta, according to a report in The Jakarta
Post, quoting a statement from top regulatory officials. The minimum capital
will depend on the type of digital bank. For a new one that’s part of a banking
group, the minimum is 1 trillion rupiah, while a traditional lender that
converts into a digital bank will need at least 3 trillion rupiah of capital.
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