Enforcement

Korea Exchange Fined for Making False Statement to CFTC

14/07/2019

The CFTC found that KRX failed to disclose that it was not in compliance with a requirement to use daily stress tests to evaluate the sufficiency of its financial resources.

AML / KYC

US Authorities Probe Deutsche Bank Dealings With 1MDB

13/07/2019

The DOJ probe is looking into whether Deutsche Bank failed to comply with US AML or foreign bribery laws in the course of raising $1.2bn for 1MDB in 2014.

Fintech / Regtech

Singapore Marks Launch of First Private Exchange with First Listing

13/07/2019

Backed by SGX and licensed by MAS, 1exchange takes private companies’ shares and puts them into an SPV to back digital tokens that can then be listed and traded by investors.

Securities / Derivatives

China, UK Seek to Establish Bond Market Connectivity – Report

12/07/2019

Following the success of the Hong Kong Bond Connect and Shanghai-London Stock Connect, China and the UK are exploring the feasibility of a bond connect programme.

Enforcement

ANZ, Citi, Deutsche to Defend Against Criminal Cartel Charges in September

12/07/2019

The government accuses the banks of forming a criminal cartel to either “directly or indirectly” restrict the supply of ANZ shares or maintain the price of ANZ shares.

Enforcement

ASIC Review Finds Widespread Mis-selling of Consumer Credit Insurance

12/07/2019

ASIC plans to take “significant enforcement action” against 11 lenders that inappropriately sold consumer credit insurance, and force remediation of over A$100m.

AML / KYC

OCBC to Speed Up Police Investigations with Automated Data Retrieval

11/07/2019

OCBC Bank and the Singapore Police Force are collaborating on a new project to reduce the amount of time it takes for investigators to access banking information to just 1-2 days.

Enforcement

UPDATED – Japan Post Vows to Compensate Customers for Mis-sold Insurance

11/07/2019

Some 93,000 cases were found where customers were left uninsured due to inappropriate sales tactics, paid double premiums, or were denied coverage for paid up insurance policies.

Enforcement

ANZ Agrees to Settle 2010 Fees-Related Class Action for A$1.5m

11/07/2019

Under the proposed settlement, which is subject to Federal Court approval, ANZ customers who were charged a fee for failing to make scheduled payments between two of their accounts will be able to claim refunds.