Posts By Editors, Regulation Asia
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391ChinaSSE Re-stocks Disciplinary Arsenal
New documents give Shanghai exchange greater powers over trading members and investors.
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572Fintech / RegtechTaiwan Drafts Rules for Internet Only Banks
FSC may authorise Japan’s Line Corp and Rakuten to operate as full-service banks in Taiwan.
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486EnforcementUPDATED – Indian Banks Fall Victim to $342mn in Loan Frauds
Jewellery chain falsified financial records to obtain 8.24 billion rupees in loans from 14 banks over 10 years; infrastructure firm defrauds 9-bank consortium of 13.94 billion rupees.
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529EnforcementSFC Fines UBS Securities for Missing Client Consent Records
The firm was only able to provide the regulator about half of the client consents for facilitation trades.
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410EnforcementHK Risks Becoming Auditing Outcast – Report
Head of Financial Reporting Council says overhaul of accountancy regulation will not meet international standards.
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430Hong KongHK, India Sign Tax Pact
Hong Kong investors will pay half the normal withholding tax rate on the interest earned on their investments in India.
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430AML / KYCNew Zealand: $970mn Laundered Each Year
Key facilitators for money laundering include shell companies and trusts, alternative banking platforms, trade based activities, real estate, casinos.
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379EnforcementS.Korea Tax Authority Fines Brokers for ‘Borrowed Name’ Accounts
Brokerages penalised for Samsung chief’s borrowed-name accounts will seek to recover money from the electronics giant.
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403Asia-PacificIndonesian State-owned Lender to Introduce Biometric Security
System, which is awaiting approval from financial service authority, will require either fingerprint or retina scanning.
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480AML / KYCMAS Fines StanChart Units $4.9mn for AML/CTF Breaches
The bank’s Singapore branch and trust unit failed to adequately assess and mitigate risks that clients were trying to avoid CRS reporting obligations.
