AML / KYC

RBA Underlines High Cost of Cross-Border Transfers via Big Banks

11/12/2019

The average mark-up over the wholesale exchange rate is around 5.5% for the major banks, versus about 1% for the digital money transfer services, said RBA governor Philip Lowe.

APRA Publishes Names of Underperforming Super Funds

11/12/2019

APRA has published a colour-coded ‘heatmap’ to lift industry practices and enhance member outcomes by enabling comparison between superannuation products.

Enforcement

Japan SESC Recommends $22mn Fine for Nissan Underreporting

11/12/2019

The fine would be Japan’s second-largest ever for false reporting on a corporate financial statement, after the 7.3 billion yen fine imposed on Toshiba in 2015.

Fintech / Regtech

KRX to Tighten Rules on Algorithmic and AI-based Trading

11/12/2019

Algorithmic trading is not illegal in Korea, but authorities have long been concerned that the practice may cause market confusion and disadvantage retail investors.

Enforcement

Samsung Execs Jailed for Burying Evidence in Accounting Probe

11/12/2019

Employees were ordered to destroy and conceal internal documents, including by burying nearly two dozen computers and notebooks as well as computer servers beneath factory floors.

Market Infrastructure

RBI to Make NEFT System Available 24×7

11/12/2019

From 16 December, the NEFT system will be available on a 24/7 basis, including on holidays with batch settlement every half hour.

Fintech / Regtech

Bank of Papua New Guinea Launches Regulatory Sandbox

11/12/2019

Local and foreign financial institutions and fintech firms are welcome to apply to test new products and services that could enhance financial inclusion and the provision of financial services.

Malaysia’s RHB Bank to Shutter Hong Kong Operations

11/12/2019

The move is said to be the result of an “increasingly challenging” operating and broking environment, largely attributed to a slow economy and ongoing civil unrest.

Enforcement

SEBI Bans Fidelity Trader and Family Members for Front-Running

10/12/2019

The trader used non-public information to front-run impending trades of Fidelity Group entities with his mother and sister’s trading accounts from Hong Kong.