Anti-Money Laundering

IMF, ADB, Aus, NZ Seek Lower Cost Remittances for the Pacific

11/02/2018

Possible solutions include enhancing AML/CFT controls at banks, promoting best practices at money transfer operators, improving information sharing by supervisory authorities.

Anti-Money Laundering

Australia to Crack Down on Tax Avoidance by Multinationals

10/02/2018

Consultations relate to implementation of multilateral which will modify existing bilateral tax treaties, closing loopholes used by multinationals to avoid taxation.

Supervision & Enforcement

China ‘Techfins’ Alibaba, Tencent Fined for Forex Breaches

10/02/2018

Financial units of Alibaba and Tencent fined for offences including failure to file reports on forex payments by non-residents.

Supervision & Enforcement

Credit Suisse Hong Kong Fined $5mn

10/02/2018

Regulatory breaches include failures related to segregation of client securities, reporting of transaction, noncompliance with short selling requirements, unsuitability of investment products sold to clients.

Conduct, Culture & Accountability

RBI to Set Up Dedicated Ombudsman for NBFCs

09/02/2018

New ombudsman scheme will initially cover deposit-taking nonbank financial companies; rules to be laid out this month.

Conduct, Culture & Accountability

Korea Seeks to Expand Recruitment Probe to NBFIs

09/02/2018

Probe could include some 70 savings banks, insurers, credit card providers and investment companies.

Structural Regulation

Indonesia Faces Resistance on Asean Banking Protocol

08/02/2018

Indonesian parliamentary commission appear unsure about Indonesian Banks’ ability to compete with foreign banks.

Conduct, Culture & Accountability

ANZ, Westpac Banks Refund Credit Card Customers

08/02/2018

ANZ to refund AUD10.2mn for improper fee disclosures; Westpac completes AUD11.3mn remediation following review of credit card limit increases.

Trading & Investment

S. Korea Scraps Plan for Tougher Capital Gains Taxes on Foreigners

08/02/2018

Securities firms don’t have the infrastructure to support the plan; critics say it would have disrupted markets and caused capital flight.