AML / KYC

AUSTRAC Commences Legal Action Against Westpac for AML Breaches

20/11/2019

According to AUSTRAC’s statement of claim, each of the 23 million contraventions attracts a civil penalty between A$17mn and A$21mn.

ASIC Formalises Adviser Relief from Compliance Scheme Obligations

19/11/2019

The relief is granted through a legislative instrument that state that the suspension of the compliance scheme framework applies until 31 October 2022.

Securities / Derivatives

SEBI Mandates Mapping of Brokers’ Client Codes with Demat Accounts

19/11/2019

The measure has been put in place to detect the diversion of client securities by brokers at an early stage so allow for appropriate preventive measures.

Market Infrastructure

Australia Consults on Financial Market Infrastructure Regulatory Reforms

19/11/2019

The proposed reforms will enhance the licensing and supervisory regime for financial market infrastructures and introduce a resolution regime for clearing and settlement facilities.

Market Infrastructure

CBIRC Grants Allianz Approval to Commence Operation in China

19/11/2019

The approval makes Shanghai-based Allianz (China) Insurance Holding Company Limited the first fully foreign-owned insurance holding company to operate in China.

AML / KYC

Singapore Re-Rated on Four FATF Recommendations

19/11/2019

Singapore is still rated ‘partially compliant’ on three FATF Recommendations for technical compliance, and will remain in enhanced follow-up.

Enforcement

Philippine SEC Orders Takeover of Brokerage Following Stock Theft

19/11/2019

A settlement clerk siphoned client securities into a private account and sold them over eight years, leaving a $13.8 million hole in R&L Investments’ books.

Securities / Derivatives

CSRC to Allow Full Conversion of Non-tradeable Shares to H-Shares

19/11/2019

The move is seen as a way for state investors to exit some industries, and a way for some mainland companies to raise new funds and improve liquidity in their H-shares.

Market Infrastructure

Auditor Independence Still an Issue for Audit Quality: FMA

18/11/2019

The key issues identified in the FMA’s Audit Quality Report 2019 related to auditor independence, related party transactions, accounting estimates, and auditor response to fraud risk.