Conduct, Culture & Accountability

Banks Against Penalties Proposed in New Accountability Regime

07/02/2020

Australia’s new Financial Accountability Regime will subject accountable persons to penalties up to A$1.05mn per breach, or three times the benefit derived or detriment avoided, whichever is higher.

Trading & Investment

NAFMII Enables ‘Green Channel’ Bond Issuance Amid Virus Outbreak

07/02/2020

NAFMII will support companies affected by the coronavirus outbreak and those helping to contain it by enabling a ‘green channel’ for fundraising and debt issuance.

Conduct, Culture & Accountability

MAS Proposes New Requirements for Insurers Managing Par Funds

07/02/2020

Among the new requirements introduced for insurers is an obligation to ensure that any charge or expense allocated to the Par Fund is “fair and reasonable”.

KYC & CDD

BOT Launches Digital Account Opening Tests at Six Banks

07/02/2020

Six banks will open online deposit accounts digitally, using facial recognition to verify customer identities against information held in the new National Digital ID platform.

Alternative Markets

SEBI Tightens Disclosure Standards for Alternative Investment Funds

07/02/2020

SEBI has set out minimum disclosure standards and introduced mandatory performance benchmarking for alternative investment funds.

Fraud, Scams & Cybercrime

AMP Ordered to Pay A$5m Penalty for Insurance Churn

06/02/2020

A federal court ordered AMP to pay a A$5.175 penalty for failing to prevent its financial planners from engaging in insurance churn for higher commissions.

Market Abuse

SFC Imposes One-Year Ban on RHB Securities Analyst

06/02/2020

The analyst traded stocks covered in research reports he prepared through his father’s securities trading account held at another brokerage.

Data Privacy

US, Singapore Jointly Declare Opposition to Data Localisation

06/02/2020

The US and Singapore support allowing financial service suppliers to transfer data across borders and oppose generally applicable data localisation requirements.

Anti-Money Laundering

ACAMS Pledges Support for Anti-Slavery & Trafficking Initiative

06/02/2020

ACAMS will encourage financial crime professionals globally to adopt a blueprint for mobilising finance against modern slavery and human trafficking.