Fintech / Regtech

Taiwan Drafts Rules for Internet Only Banks

25/03/2018

FSC may authorise Japan’s Line Corp and Rakuten to operate as full-service banks in Taiwan.

Enforcement

UPDATED – Indian Banks Fall Victim to $342mn in Loan Frauds

23/03/2018

Jewellery chain falsified financial records to obtain 8.24 billion rupees in loans from 14 banks over 10 years; infrastructure firm defrauds 9-bank consortium of 13.94 billion rupees.

Enforcement

SFC Fines UBS Securities for Missing Client Consent Records

23/03/2018

The firm was only able to provide the regulator about half of the client consents for facilitation trades.

Enforcement

HK Risks Becoming Auditing Outcast – Report

22/03/2018

Head of Financial Reporting Council says overhaul of accountancy regulation will not meet international standards.

Market Infrastructure

HK, India Sign Tax Pact

22/03/2018

Hong Kong investors will pay half the normal withholding tax rate on the interest earned on their investments in India.

AML / KYC

New Zealand: $970mn Laundered Each Year

21/03/2018

Key facilitators for money laundering include shell companies and trusts, alternative banking platforms, trade based activities, real estate, casinos.

Enforcement

S.Korea Tax Authority Fines Brokers for ‘Borrowed Name’ Accounts

21/03/2018

Brokerages penalised for Samsung chief’s borrowed-name accounts will seek to recover money from the electronics giant.

Fintech / Regtech

Indonesian State-owned Lender to Introduce Biometric Security

21/03/2018

System, which is awaiting approval from financial service authority, will require either fingerprint or retina scanning.

AML / KYC

MAS Fines StanChart Units $4.9mn for AML/CTF Breaches

20/03/2018

The bank’s Singapore branch and trust unit failed to adequately assess and mitigate risks that clients were trying to avoid CRS reporting obligations.