Conduct, Culture & Accountability

Australia to Introduce Best Interests Duty for Mortgage Brokers

27/08/2019

Under draft legislation released by the government, mortgage brokers that fail to act in the best interests of consumers will face fines of up to A$1.05mn.

AI Risk & Governance

China to Accelerate Development of Fintech Regulatory Framework

27/08/2019

The PBOC said it will accelerate the development of a regulatory framework for fintech in a bid to promote China as a world leader in financial technology.

Anti-Bribery & Corruption

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.

Conduct, Culture & Accountability

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.

Structural Regulation

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.

Anti-Money Laundering

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.

Supervision & 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.

Trading & Investment

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.

Fraud, Scams & Cybercrime

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.