Enforcement

Annual Report Shows FMA Exceeded Litigation Budget by 50pc

03/11/2019

The government has approved a three-fold increase in the FMA’s litigation fund to NZ$6mn for the 2019/2020 year, a day before the annual report was released.

Fintech / Regtech

HKMA Offers High-level Guidance for Banks on AI Use

02/11/2019

The high-level principles cover governance, application design and development, and ongoing monitoring and maintenance of banks’ AI applications.

AML / KYC

Malaysian Banks Force Closures of Iran-linked Accounts

02/11/2019

CIMB and Maybank are two of the largest banks forcing closures of accounts belonging to Iranian companies and individuals, amid new sanctions imposed by the US.

Fintech / Regtech

SFC Issues Guidance on Outsourcing of Data Storage

01/11/2019

Licensed corporations must ensure cyber and operational risks are properly mitigated and that the SFC’s access to regulatory records is not restricted or otherwise undermined.

Enforcement

SFC Fines China Rise for Short Selling, Cross Trading Breaches

31/10/2019

China Rise’s former CEO placed 199 illegal short selling orders in 2014, and an unnamed senior manager executed cross trades at a price detrimental to the client.

Market Infrastructure

Singapore Brokers Experience DDoS-related Disruption

31/10/2019

MAS said a small number of stock brokers encountered DDoS attacks last week, but only “limited disruption” resulted due to their mitigation services being activated.

Enforcement

Unauthorised New Zealand Adviser Jailed for 6 Years, 8 Months

31/10/2019

The sentence follows a conviction in August of 38 charges relating to a multi-million dollar fraud, set up to fund a lavish lifestyle and targeting vulnerable individuals.

Market Infrastructure

China Further Eases Restrictions on Foreign Investment

31/10/2019

China will not force foreign investors and companies to transfer their technology to their local partners, according to Vice Minister of Commerce Wang Shouwen.

Fintech / Regtech

S. Korea Launches 10-Bank Pilot of Open Banking System

31/10/2019

Initially, bank customers will be able to access services from 10 banks, before the system is expanded to other banks and fintech firms in December.