AML / KYC

HK Police Arrest Three in HK$54m Money Laundering Case – Report

17/05/2020

Money stolen through telephone and online scams was laundered through at least three layers of bank accounts in Hong Kong within hours before being funnelled out of the city.

Fintech / Regtech

Temasek Joins Libra Association as First Asia Pacific Backer

17/05/2020

Temasek’s participation in the Libra Association will allow it to contribute toward a regulated global network for cost effective retail payments.

Enforcement

CSRC Bans Six Executives for Kangmei Pharma Accounting Fraud

17/05/2020

The company and 21 of its employees have also been fined for using false documents and transaction records to inflate cash positions.

Securities / Derivatives

Hong Kong Lowers Transaction Costs for ETF Market Makers

16/05/2020

An amendment waives stamp duties on primary market stock transfers involving ETF market makers’ activities to create and redeem ETF units.

Australian Makes Tax Relief for Merging Super Funds Permanent

16/05/2020

Financial Services Council chief Sally Loane welcomed the move, but expressed disappointment with changes that may create another tax compliance burden for managed funds.

Securities / Derivatives

SEBI Relaxes Public Shareholding Requirement for Listed Entities

16/05/2020

The move will mean promoters with more than 75% shareholding in a listed company will not have to divest their holdings while the current challenging environment persists.

AML / KYC

Westpac Files Defence in Federal Court on its AML/CTF Failures

16/05/2020

While Westpac made a number of admissions regarding AUSTRAC’s claims, the bank said the majority of its international money transfers were correctly reported.

Enforcement

SFC Declines to Take Action Against HSBC for No-dividend Decision

15/05/2020

Some investors in HSBC alleged the bank failed to safeguard their interests. Others questioned whether the bank’s discussions with the Bank of England were disclosed in a timely manner.

Market Infrastructure

CCP Margin Models May Need Fine-tuning: BIS Paper

15/05/2020

Some CCP margin models underestimate market volatility because they rely on a short period of historical price movements from tranquil times, the paper says.