Market Abuse

S. Korea to Toughen Penalties for Naked Short Selling

15/10/2018

New legislative revisions could subject illegal short sellers to up to 10 years imprisonment and fines amounting to 1.5 times profits on short selling.

KYC & CDD

MAS Shelves ‘KYC Utility’ Project as Costs Surpass Expectations

15/10/2018

The setup cost of the KYC utility exceeds the savings banks would be able to achieve, MAS managing director Ravi Menon told Bloomberg.

Anti-Money Laundering

SFC AML/CFT Guideline Revisions to Take Effect in November

15/10/2018

A July consultation proposed amendments to improve the Guideline’s usefulness and relevance and ensure its alignment with international AML/CFT standards.

Trading & Investment

China Releases Guidelines on Shanghai-London Stock Connect

15/10/2018

The guidelines set a minimum cap for London-listed firms seeking to issue depository receipts in China, among other requirements.

Anti-Money Laundering

China Issues AML/CTF Rules for Online Financial Institutions

12/10/2018

Online FIs required to verify client identities, monitor terrorist organisations and activities, properly store client information and transaction records, and report large-value and suspicious transactions.

Anti-Money Laundering

Taiwan FSC to Probe Recent Fee Hikes at Banks

12/10/2018

Seven state-banks have raised fees for foreign remittances, saying the extra charges are needed to offset costs associated with upgrades to money laundering controls.

Trading & Investment

India Permits Commodity Derivatives Trading by Foreign Investors

10/10/2018

Trading limits will be based on foreign investors’ actual exposure to India’s commodity markets, which needs to be verified and monitored by brokers and exchanges.

Trading & Investment

MAS Issues Guidelines on Provision of Robo-Advisory Services

09/10/2018

Guidelines allow digital advisers to pass client orders to brokerage firms for execution without the need for an additional capital markets services licence.

Fraud, Scams & Cybercrime

ASIC Permanently Bans Another Former NAB Branch Manager

09/10/2018

The branch manager knowingly provided false or misleading information and documentation in loan applications and falsely attributed them to a relative for introducer commissions.