Enforcement

New Zealand FMA Files High Court Proceedings Against ANZ

07/06/2020

ANZ issued over 300 duplicate credit card repayment insurance policies, charging double premiums for no additional cover, and failed to cancel policies for over 400 ineligible customers.

Securities / Derivatives

HKEX Launches First Leveraged Commodities Product in Gold

07/06/2020

The introduction of the first gold futures leveraged product provides investors the ability to express a short-term market view on gold prices, says HKEX’s Brian Roberts.

Securities / Derivatives

Woori, Shinhan to Pay Compensation on Lime Asset Losses

07/06/2020

Woori and Shinhan will pay about 50% of principal invested in three suspended Lime funds, preemptively, while the FSS decides on a final compensation ratio.

Fintech / Regtech

RBI Creates $66mn Fund to Boost E-Payments Infrastructure

07/06/2020

The RBI will initially contribute half of the funding; the rest will come from card-issuing banks and card networks, who will also cover operational expenses.

AML / KYC

Hong Kong ICAC Charges Four for Defrauding DBS Bank

07/06/2020

The individuals are charged for money laundering, bribery offences, and for using false documentation to defraud DBS into issuing letters of credit worth HK$75.3mn.

Enforcement

S. Korean Prosecutors Seek Arrest of Samsung Execs for Illegal Trading

07/06/2020

Samsung’s de facto head, Lee Jae-yong, and two of his senior lieutenants could face charges of illegal trading and stock price manipulation, among other charges.

AML / KYC

US Seeks Extradition of Money Launderer Jailed in S. Korea

07/06/2020

A civil forfeiture complaint alleges that Kenneth Zong, a US citizen held in Korea, conspired with Iranian nationals in 2011 to launder $1bn through the UAE and other countries.

AML / KYC

Addressing Heightened KYC Risk with Data and Automation

07/06/2020

Managing KYC risk assessment in a sea of increasingly complex data sets calls for smart automated solutions to manage alerts.

Fintech / Regtech

Thailand to Launch Digital Platform for Capital Markets Licensing

05/06/2020

The ‘Prof Link’ platform will include licence information for over 80,000 capital markets professionals, incorporating professional development and training.