Fintech / Regtech

Australia FinTech Body Embraces Provisional Bank Licencing

20/12/2017

Industry body recommends increasing the deposit limit for new banking entrants, allowing more time to meet the prudential framework.

AML / KYC

Singapore Issues 7th, 8th Bans Related to 1MDB Probe

20/12/2017

Yeo Jiawei, a former BSI wealth manager, gets lifetime ban to add to his convictions for 1MDB related money laundering, cheating and witness tampering.

Enforcement

Australian Banks Agree New Code of Conduct

20/12/2017

Code of conduct, which is awaiting approval by ASIC is legally binding in contracts with consumers, bans unsolicited credit card limit increases.

Thailand, Philippines Forge Agreement on Banking Supervision

19/12/2017

Central banks commit to fostering information exchange and cooperation in areas of licensing, on-site examinations, supervisory colleges, crisis management.

Capital / Liquidity

HK SFC Proposes Raising Capital Required by Fund Managers

19/12/2017

Consultation covers raising of minimum capital requirement to HKD10 million, introduction of derivatives use by public funds with enhanced safeguards.

Market Infrastructure

Shenzhen, Laos Exchanges Sign MoU on Capital Market Cooperation

19/12/2017

SZSE and LSX to share information, personnel, technology, expertise; financial infrastructure connectivity to facilitate cross-border ‘economic corridor’.

Enforcement

Standard Chartered Brokerage Arm Hit With $330,000 Fine

19/12/2017

SFC investigation reveals internal control failures resulted in at least 61 regulatory breaches involving short selling, required liquid capital deficit of HKD2 billion.

Ethical Failings the Main Reason for Financial Crime – Report

18/12/2017

Survey of Bangladesh banks finds two thirds face financial crime; general banking, credit, IT most vulnerable.

Enforcement

2017 a Punishing Year for Naughty Traders in China

18/12/2017

China securities regulator has issued 206 administrative penalties in 2017, more than $1bn in fines; increasing cooperation with HK SFC.