Enforcement

Westpac Ordered to Pay A$9.15m Penalty for Poor Advice

20/12/2019

In addition to the A$9.15 million penalty, Westpac is required to pay ASIC’s legal costs, and A$12.7 million in compensation to clients that received bad advice from one of the bank’s adviser.

Market Infrastructure

China Raises Daily Remittance Limit for Macau Residents

20/12/2019

The move comes as President Xi Jinping visits Macau this week, amid expectations that further preferential policies will be announced to promote Macau as a financial centre.

Market Infrastructure

Leveraged Loan, CLO Markets Increasingly Vulnerable to Shock: FSB

20/12/2019

The growth in leverage loan and CLO markets has resulted in increased leverage in the financial system, weaker creditor protections, and increased complexity in these markets, the FSB warns.

Press Release

Regulation Asia: Top Ten News Stories for 2019

20/12/2019

This list presents the most-read new stories published by Regulation Asia in 2019, based on aggregated user traffic analytics.

Press Release

Regulation Asia: Top Ten Contributed Articles for 2019

20/12/2019

This list presents the most-read contributed articles published by Regulation Asia in 2019, based on aggregated user traffic analytics.

Fintech / Regtech

South Korea Formally Launches Open Banking Service

20/12/2019

Open banking will serve as a catalyst for various innovations and bring tectonic shifts in the financial industry, FSC chairman Eun Sung-soo said at the launch event.

AML / KYC

Bursa Malaysia Adds Anti-Corruption Measures to Listing Requirements

20/12/2019

New requirements to have anti-corruption and whistle-blowing policies in place will promote better governance, accountability and transparency for investors.

Capital / Liquidity

China State Fund, UOB Among Investors to Rescue Hengfeng Bank

20/12/2019

A unit of China’s state fund, the Shandong government’s asset management arm, and UOB are among those that will invest in new shares to prop up troubled lender Hengfeng Bank.

AML / KYC

BSP Probes Ten Banks Linked to Westpac AML Violations

19/12/2019

The banks received funds for their clients through the Bank of the Philippine Islands, which was the local partner of the Westpac money transfer service known as LitePay.