MalaysiaThe Bank Negara Malaysia, the central bank of Malaysia, announced that the Kuala Lumpur High Court fined Genneva Malaysia Sdn Bhd MYR$450 million for accepting money from depositors without a valid license.
Malaysia’s Central Bank published a guidance document to clarify and recommend practices related to identification and verification of customer due diligence requirements for financial institutions under the anti-money laundering, counterterrorist financing and targeted financial sanctions rules.
Danske Bank plans to shed 1,600 jobs, Citgroup fined for failing to manage risk, and more, in this week’s roundup.
Kleptocrats of the World Have United: Author
Financial Times correspondent Tom Burgis spoke to senior reporter Koos Couvée about modern kleptocrats, the extent to which they have united their efforts, and aided by top attorneys and secret offshore finance, penetrated “rule of law” states in the West.
Weekly Roundup: Western Union Targets COVID-19 Fraud, Bank Shares Drop After FinCEN Files, and More
The Ministry of Finance Malaysia entered into a settlement with Goldman Sachs requiring the investment banking company to pay $3.9 billion to resolve outstanding charges and claims related to three bond transactions it structured and arranged with 1Malaysia Development Berhad.
| Technical | Effectiveness |
|---|---|
| Compliant : 20 | High : 0 |
| Largely Compliant : 18 | Substantial : 4 |
| Partially Compliant : 2 | Moderate : 7 |
| Non-Compliant : 0 | Low : 0 |
Malaysia's technical compliance was re-rated in a Oct. 31, 2018 follow-up report
| Rank : 65/141 |
| Score : 5.25/10 |
| Rank : 51/1780 |
| Score : 53/100 |
| Rank : 32/133 |
| Score : 70/100 |