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.

Enforcement

NAB Faces Potential A$535 Penalty for Using Unlicensed Loan Referrers

26/08/2019

ASIC has initiated federal court proceedings in relation to misconduct by 16 NAB bankers who accepted loan information and documentation from unlicensed introducers.

AML / KYC

India Withdraws FPI Tax Surcharge Amid Foreign Pressure

26/08/2019

The surcharge, introduced last month, increased capital gains tax on foreign trusts investing in India to over 40%, prompting the stock market’s worst July in 17 years.

Enforcement

AMAC Targets Illegal Fundraising by Fund Managers

25/08/2019

Some managers of privately-offered funds are using capital intended for specific investments on themselves or to illegally operate P2P lending businesses.

Capital / Liquidity

MAS Offers Banks Guidance on Managing Loan Collateral

24/08/2019

In a review of collateral management standards and practices banks use when lending to corporates, MAS has identified four key areas that need improvement.

AML / KYC

HKMA Issues Clarification on Non-Face-to-Face Onboarding

24/08/2019

In line with SFC requirements, the HKMA says banks need not re-verify a client’s identity when opening an investment account if they’ve already done so for bank account opening.

Crypto / Digital Assets

Japanese Crypto Exchange Operator to Close Shop

24/08/2019

Tech Bureau Corp – the ex-operator of hacked exchange Zaif – will become the first FSA-registered crypto exchange operator to shut down its operations.

AML / KYC

Investors Accuse BSEC Chairman of Embezzlement, Money Laundering

24/08/2019

The chairman of Bangladesh’s securities regulator is alleged to have approved IPOs for companies that falsified their financial statements to show higher profitability.

Market Infrastructure

SFC Highlights Liquidity Risk Management Deficiencies at Funds

24/08/2019

The SFC asks fund managers to review their current policies, procedures, systems and processes and take immediate action to rectify any inadequacies or deficiencies.