AML / KYC

AUSTRAC Orders Audit of Afterpay’s AML Compliance

14/06/2019

AUSTRAC has ordered ‘buy-now, pay-later’ service firm Afterpay to undergo an independent audit to its compliance with AML/CTF laws.

Securities / Derivatives

SFC Provides Additional Guidance on Sale of Complex Products

14/06/2019

Paragraph 5.5 of the Code of Conduct is only applicable for unsolicited purchases of complex products. Intermediaries can apply a risk-based approach to disclosures for repeat purchases.

Capital / Liquidity

APRA Issues First Round Response to Bank Capital Consultation

14/06/2019

The new framework will impose higher capital charges by applying higher risk weights on mortgage loans that are seen as more risky, especially interest-only or investor loans.

Market Infrastructure

Japan Delays Pension Reform Amid Political Fallout

13/06/2019

An FSA report which highlighted the insufficiency of Japan’s pension system has been withdrawn by the government ahead of a national election.

Fintech / Regtech

S. Korea FSC Accepts Six More Fintech Sandbox Participants

13/06/2019

The FSC has approved six more fintech services for the regulatory sandbox, bringing the total number of approved companies to 32.

Market Infrastructure

UPDATED – Shanghai-London Connect to Start Trading 17 June

13/06/2019

GDRs issued by Huatai Securities will be admitted to the Shanghai-London Stock Connect segment of the LSE on 20 June, when trading will commence.

Market Infrastructure

Hong Kong Proposes Insurance Connect with China

13/06/2019

The proposed plan will allow Hong Kong insurers to set up offices in Guangdong and Macau, part of a large integration plan for the Greater Bay Area.

Securities / Derivatives

Bursa Malaysia Launches Mobile Depository Services

13/06/2019

‘Bursa Anywhere’ allows individual investors to manage their share depository account on their cellphones.

Enforcement

Commonwealth Financial Planning Completes Enforceable Undertaking

13/06/2019

ASIC is satisfied that Commonwealth Financial Planning has completed the necessary steps to address a service model that charged fees for no service.