Enforcement

ASIC Wins Appeal in Westpac Super Switching Case

29/10/2019

The ruling could limit the ability of financial services firms to market and cross-sell investment products using the ‘general advice’ allowance under the law.

Enforcement

ASIC Imposes Additional Licence Conditions on IOOF

29/10/2019

ASIC granted a licence variation requested by IOOF’s investment services unit, but has decided to also impose additional licence conditions.

Market Infrastructure

Trade Woes Prompt Easing of China’s Forex Rules

28/10/2019

SAFE will ease controls on equity investment from non-investment foreign firms, among 12 measures to help draw overseas funds into the domestic market and facilitate cross-border trade.

Securities / Derivatives

CSRC to Boost Competitiveness of NEEQ, ChiNext Markets

28/10/2019

The CSRC is speeding up its reform efforts for the NEEQ and ChiNext markets to ensure their competitiveness, and inclusiveness to small and innovative firms.

Enforcement

FSS to Conclude Probe into Derivatives Mis-selling This Week

28/10/2019

The FSS will conclude its investigation into KEB Hana and Woori Bank this week. KEB Hana and its CEO are expected to face higher penalties for ‘obstructing’ the investigation.

Enforcement

SEBI, US SEC Probe IT Major Infosys for “Unethical Practices”

28/10/2019

SEBI and the US SEC are probing Infosys after whistleblowers alleged costs were under-reported to inflate profits and “critical information” was hidden from auditors and the board.

AML / KYC

ACIP Workshop: Key Challenges to Deploying AML Data Analytics

28/10/2019

The workshop participants discussed two of the key challenges to implementing data analytics systems to fight financial crime – explainability and governance.

Enforcement

ICAC Charges Two for Conspiracy to Defraud Five HK Banks

28/10/2019

Two operators of an SME conspired to defraud DBS Bank, HSBC, ICBC, Dah Sing Bank, Wing Hang Bank, the Trade and Industry Department, and the Hong Kong Mortgage Corporation.

AML / KYC

Australia Introduces Bill to Ease CDD Compliance Burden

27/10/2019

The bill allows reporting entities to rely on CDD procedures performed by a third party. Meanwhile, a bill to limit cash payments to A$10,000 nationwide passes the lower house.