Enforcement

China: Ex-Huarong Chairman Pleads Guilty to Taking Bribes

13/08/2020

Lai Xiaomin took almost 1.8bn yuan in bribes over ten years and colluded with others to embezzle over 25mn yuan in public funds. His sentence will be announced at a later date.

Capital / Liquidity

APRA, ASIC Update Guidance on Treatment of Deferred Loans

13/08/2020

Deferred loans need not be treated as past due or impaired for capital or reporting purposes until after 31 March. New reporting requirements will apply.

Market Infrastructure

MAS Official Warns of Financial Sector Job Losses in H2

13/08/2020

Supporting the local workforce in the financial sector during the crisis is a priority for MAS, according to deputy managing director Jacqueline Loh.

Market Infrastructure

RBNZ Announces Expansion of Large-Scale Asset Purchases

12/08/2020

The RBNZ has expanded its quantitative easing programme to NZ$100bn and signalled a willingness to enter negative OCR territory, in response to Covid-19 related uncertainty.

Enforcement

Taiwan FSC Initiates Probe into Taipei Fubon Bank President

12/08/2020

Taipei Fubon Commercial Bank’s president is alleged to have asked subordinates to approve a $30mn loan to a loss-making China-based health supplement company for his own benefit.

AML / KYC

Australia Police Arrest Three on Money Laundering Charges

12/08/2020

Two of the men are accused of laundering tens of millions of dollars for an international money laundering organisation which includes several high-value targets of Australian law enforcement.

Enforcement

SFC Bans Account Exec for 18 Months Over Discretionary Trading

12/08/2020

The former China Tonghai Securities account executive effected over 6,000 trades in a client’s account on a discretionary basis for almost 7 years without authorisation.

Fintech / Regtech

EBA Launches Industry Survey on RegTech Adoption

12/08/2020

The EBA is looking to identify the main barriers and risks of using RegTech and potential ways to support its uptake across the EU.

Enforcement

ICAC Charges Former Dah Sing Bank Manager with Fraud

12/08/2020

The former financial planning manager falsely represented to a client that taking out an insurance policy was a prerequisite for opening a corporate bank account.