Sanday Chongo Kabange is an experienced multimedia journalist and a contributor to Regulation Asia. He focuses on compliance, regulatory and legal issues for financial services.
Enforcement
MPFA Fines HSBC for Non-compliant Referral Programme
09/07/2024
HSBC recruited and offered incentives to unregistered persons to refer corporate clients to the bank for MPF business.
Australia Introduces New Disclosure Rule for Public Companies
09/07/2024
All companies open to investment by the public must disclose all their subsidiaries, regardless of size or materiality.
Australia Tables Legislation to Adopt Global Minimum Tax
09/07/2024
The legislation will set a global and domestic minimum tax rate for multinational enterprise groups including banks.
ESG / Sustainability
ACCC Consults on Guidance for Sustainability Collaborations
08/07/2024
The guide is intended to assist businesses considering working together to achieve positive environmental outcomes without breaching Australian competition law.
Market Infrastructure
Senate Inquiry Recommends Complete Overhaul of ASIC
08/07/2024
Senator Andrew Bragg said too many Australians have been hurt by ASIC’s “persistent failure” to enforce the law and win prosecutions.
Fintech / Regtech
HKMA, IA Launch Open API Framework Linkage
08/07/2024
The new linkage seeks to enhance the mutual adoption of APIs for use cases across the banking and insurance sectors.
AML / KYC
HKMA Fines DBS for Historical AML Deficiencies
08/07/2024
HKMA investigation found deficiencies in the bank’s systems and controls for compliance with the AMLO.
AML / KYC
Australia: ATO Joins Anti-Scam Intelligence Sharing Platform
08/07/2024
The ATO has become the first government agency to join the ‘AFCX Anti‑Scam Intelligence Loop’.
HKMA Identifies Compliance Issues at Banks’ Trust Businesses
08/07/2024
No instances of non-compliance were found in self-assessments, though there were 12 instances of “partial compliance”.
Market Infrastructure
CDR Negatively Impacting Competition, says Australia Banking Body
05/07/2024
ABA says the CDR regime is not delivering for customers or enhancing competition in Australia’s banking industry.
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