Super Licensees Must Observe Controlling Stake Requirements: APRA

23/10/2020

Regulatory approval is required before a change in a superannuation licensee’s ownership occurs. Noncompliance may attract “severe penalties”.

AML / KYC

MAS Bans Former BSI Banker Over 1MDB ‘Secret Profits’

23/10/2020

The former banker received about $5mn in fund management fees in an entity he beneficially owned, at the expense of and without the knowledge of BSI Bank.

AML / KYC

AUSTRAC Wants Lawyers, Accountants Under its AML Remit

23/10/2020

AUSTRAC chief Nicole Rose expressed concerns that professional facilitators are being used to evade money laundering detection.

Securities / Derivatives

NZX, EEX to Jointly Develop Auction Service for Emissions Trading

23/10/2020

NZX and EEX will develop and operate the managed auction service for New Zealand’s Emissions Trading Scheme, helping to bring carbon costs into the mainstream.

AML / KYC

Australia Launches Bribery Prevention Network

23/10/2020

The Bribery Prevention Network aims to support Australian businesses in addressing bribery and corruption risks in domestic and international markets.

Securities / Derivatives

Taiwan FSC to Check How Brokers Use High-speed Trading for Clients

22/10/2020

The FSC will carry out an inspection at 22 securities firms to check that they are using high-speed trading properly in offerings to clients.

Enforcement

PBOC Fines Six Bank Branches for Customer Data Rights Breaches

22/10/2020

The $6mn in penalties against state-owned banks follows last week’s unveiling of what will be China’s first unified piece of national legislation on the protection of personal data.

Enforcement

Singapore Lawyer Faces Life in Prison for Cheating, Breach of Trust

22/10/2020

The JLC Advisors managing partner absconded with S$33.8mn in client money last year but was arrested in Malaysia. 19 new charges relate to his misappropriation of S$17.5 from another client.

Enforcement

Australian Federal Court Fines OTC Derivative Issuers A$75m

22/10/2020

The three OTC derivatives issues are now in liquidation and have also been ordered pay ASIC’s costs and to refund approximately 10,000 former clients, on top of the penalties.