Enforcement

ASIC Files Criminal Charges Against ME Bank

29/05/2021

ME bank made “false or misleading” representations in home loan customer communications and failed to give timely notice of changes to the loan terms.

AML / KYC

HK Bankers Threatened With Jail Under National Security Law

29/05/2021

Letters sent to HSBC and Citibank threaten up to seven years’ jail for any dealings with Hong Kong accounts belonging to media tycoon Jimmy Lai.

Enforcement

FSC Korea Provides No-Action Relief on Consumer Protection Law

29/05/2021

Action will not be taken against violations of regulations introduced or strengthened by the new Financial Consumer Protection Act until 24 September.

Market Infrastructure

Westpac Becomes First Aussie Major to Issue SOFR Debt

28/05/2021

The bond issuance included a $300mn floating-rate bond tranche maturing in five years that was priced at a 52 basis point spread over SOFR.

AML / KYC

Taiwan FSC Fines HK Company for Faulty Beneficiary Disclosure

28/05/2021

HK-based Capital Target Ltd was unable to verify the source of funds used to buy a 24% stake in Korean conglomerate Jih Sun Financial Holding in 2009.

AML / KYC

AFP, AUSTRAC Probe Payments via Adult Content Site – Report

28/05/2021

Banks and regulators are unable to establish who receives the payments via UK-based platform OnlyFans, which acts as an intermediary for content makers.

Uncategorised

FSC Korea to Promote Greater Use of Analytics in Financial Sector

27/05/2021

The FSC will introduce new measures later this year to increase the use of anonymised data that can be aggregated to perform data analytics.

AML / KYC

RBNZ Takes Court Action Against TSB Bank for AML Failures

27/05/2021

The court action and pecuniary penalties sought are a result of TSB Bank not responding sufficiently to the RBNZ’s initial formal warning in 2016.

Fintech / Regtech

Regulators Order Tencent to Establish Financial Holding Company

27/05/2021

Like Ant Group, Tencent will have to submit a reorganisation plan to regulators specifying which businesses the new financial holding company will absorb.