Regulation Asia relies on a team of journalists, writers and editors to cover regulatory announcements across Asia Pacific. editorial@regulationasia.com
AML / KYC
Japan Identifies 1.9m Undeclared Offshore Accounts Through CRS
17/12/2019
Of the 1.89 million offshore accounts identified through information exchanges under the Common Reporting Standard, 80% were located in Asia and Oceania.
Capital / Liquidity
New Zealand Passes Bill to End Predatory Lending
17/12/2019
Effective from April 2021, the bill will cap the interest and fees on loans at 100% of the loan amount and introduce a 0.8% per day rate cap for high-cost loans.
AML / KYC
Bangladesh Issues Guidelines on Trade-based Money Laundering
17/12/2019
The guidelines require banks to develop written policies and procedures to assess and mitigate money laundering risks arising from their trade-related customers and activities.
Market Infrastructure
India Passes Bill to Establish Unified Regulator for IFSCs
17/12/2019
In addition to regulating Gift City, the new authority will be responsible for any other international financial services centre set up in India in the future.
Enforcement
SFC Bans Two Individuals for Window-Dressing Scheme
17/12/2019
For 3 years, the month-end liquid capital of W. Falcon Asset Management was falsely inflated with amounts on cheques that were later dishonoured.
Securities / Derivatives
NZ FMA Identifies Weaknesses in Fund Custody Arrangements
17/12/2019
An FMA review found that custody administration tasks are often being delegated back to fund managers, which weakens the separation of functions and duties.
Securities / Derivatives
CFETS Rolls Out Foreign Currency Pledged Repo Business
17/12/2019
The move is aimed at reducing the costs of foreign currency financing and diversifying foreign currency financing instruments.
Securities / Derivatives
SFC to Allow Hong Kong ETFs to Invest in Overseas Master ETFs
17/12/2019
The SFC will authorise index tracking feeder ETFs that want to invest in an overseas-listed, non-SFC authorised master ETF on a case-by-case basis.
Securities / Derivatives
CSRC Issues Pilot Rules for Spin-Off IPOs by Listed Companies
17/12/2019
To spin off a unit, a listed company should have three-year cumulative net profits of at least 600mn yuan, which is lower than the 1bn yuan requirement proposed in an August consultation.
Capital / Liquidity
APRA Investigates Westpac, Imposes Capital Surcharge
17/12/2019
APRA’s investigation will focus on the conduct that led to Westpac’s alleged 23 million AML breaches, and whether its senior managers breached the Banking Act, including the BEAR.
JOIN OUR NEWSLETTER
A daily selection of top stories from the Regulation Asia editorial team