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.

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.