Conduct, Culture & Accountability

SSE Re-stocks Disciplinary Arsenal

26/03/2018

New documents give Shanghai exchange greater powers over trading members and investors.

Structural Regulation

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.

Fraud, Scams & Cybercrime

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.

Conduct, Culture & Accountability

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.

Structural Regulation

HK Risks Becoming Auditing Outcast – Report

22/03/2018

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

Anti-Money Laundering

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.

Anti-Money Laundering

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.

Anti-Money Laundering

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.

KYC & CDD

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.