AML / KYC

AUSTRAC Campaign Targets Illegal Money Transfer Dealers

28/08/2019

The campaign seeks to raise community awareness of the money laundering threat that unregistered money transfer dealers pose.

Fintech / Regtech

ACCC Invites Firms to Test Open Banking Data Sharing

27/08/2019

The ACCC is seeking participants to help it test the data-sharing ecosystem under the consumer data right, which was passed into law earlier this month.

Enforcement

ASIC Allows AFCA to Name-and-Shame Financial Firms

27/08/2019

ASIC says the move will enhance transparency and accountability of firms’ performance in complaints handling, and of AFCA’s own decision-making.

Australia to Introduce Best Interests Duty for Mortgage Brokers

27/08/2019

Under draft legislation released by the government, mortgage brokers that fail to act in the best interests of consumers will face fines of up to A$1.05mn.

Fintech / Regtech

China to Accelerate Development of Fintech Regulatory Framework

27/08/2019

The PBOC said it will accelerate the development of a regulatory framework for fintech in a bid to promote China as a world leader in financial technology.

Enforcement

US SEC Fines Deutsche Bank $16m for Corrupt Hiring Practices

27/08/2019

Between 2006 and 2014, Deutsche Bank hired relatives of executives of Chinese and Russian state-owned enterprises to generate business for the bank.

BNM Raises Culture Bar for Development Financial Institutions

26/08/2019

DFIs should firmly ground their business models on strong governance and a culture of professional management, said BNM governor Nor Shamsiah Yunus.

Securities / Derivatives

CSRC to Allow Listed Companies to IPO Spinoff Units

26/08/2019

Under draft rules, parent companies must meet certain conditions to list spinoff units, including requirements to have been listed, and profitable, for at least the last three years.

AML / KYC

APG: Good Progress from Taiwan; Pakistan Falls to ‘Enhanced Follow-up’

26/08/2019

The APG has adopted mutual evaluation reports for the Philippines, China, Hong Kong, Pakistan, Taiwan and the Solomon Islands – due to be published in October.