AML / KYC

SWIFT Opens KYC Registry to Corporate Groups

16/12/2019

Enabling corporate groups on the KYC Registry allows them to improve how their KYC data is structured, while freeing up their banking partners from having to chase down documentation.

Securities / Derivatives

IOSCO Unveils Framework for Monitoring Leverage-related Risks in Funds

16/12/2019

IOSCO has developed a framework for monitoring leverage across all types of investment funds globally, to help regulators assess leverage-related risks that can undermine financial stability.

Enforcement

RBNZ Orders ANZ New Zealand to Improve Director Attestation Processes

16/12/2019

A report from Deloitte shows some level of complacency in ANZ’s director attestation framework, but no evidence of a culture that supports non-compliance or deception.

Market Infrastructure

ASIC Increases Scrutiny on Audit Practices as Quality Drops

16/12/2019

ASIC’s latest inspection results show that audit firms did not obtain the required assurance in 26% of examined key audit areas, particularly in the audit of revenue and non-financial asset impairment.

Enforcement

MAS Revokes Fund Manager’s CMS Licence for Regulatory Breaches

16/12/2019

The CMS licensee is a Singapore company set up by CT Bright Holdings Limited, a joint investment vehicle formed by Thai conglomerate CP Group and Japan’s ITOCHU Corporation.

Market Infrastructure

TMA Publishes Consultation Conclusions on HONIA Enhancements

16/12/2019

HONIA will continue to be calculated based on data from the existing five contributing money brokers for now, but the reporting window will change to 8:00-16:00.

Enforcement

FSC Korea Finalises Measures to Protect Investors From Risky Products

16/12/2019

The sale of highly complex derivative products will still be banned, but banks will be allowed to sell equity-linked trusts linked to the KOSPI 200, S&P 500, Euro Stoxx 50, HSCEI or Nikkei 225.

Market Infrastructure

HKEX Finalises Enhancements to Pre-Opening Session, Volatility Controls

16/12/2019

The enhancements to the pre-opening session will be adopted in the second quarter of 2020. The stock-level volatility control mechanism will be expanded in the second half of 2020.

Enforcement

APRA Imposes Licence Conditions on CBA-owned Avanteos Investments

13/12/2019

CBA-owned Avanteos Investments charged over 2200 deceased members adviser service fees for 15 years, resulting in a total financial impact of over A$6mn.