AML / KYC

AUSTRAC Orders Mutual Bank to Uplift AML Compliance

05/05/2021

Australian Military Bank is required to conduct a risk assessment, and then work to improve its KYC, transaction monitoring, EDD, and reporting systems.

AML / KYC

Taiwan FSC Fines Nan Shan Life Insurance Over Lax Controls

05/05/2021

The FSC found that 122 sales personnel paid premiums on behalf of clients with their own credit cards to earn rewards points offered by banks.

Enforcement

CBIRC Fines Shanghai Pudong Development Bank For Mis-selling

05/05/2021

The fine comes two weeks after the CBIRC accused the bank of failing to fully disclose the risks of a private placement investment product to investors.

Securities / Derivatives

SEBI Issues Compensation Guidelines for Fund Managers

05/05/2021

20% of compensation of key AMC employees must be paid in the form of units of the mutual fund schemes in which they have a role or oversight.

AML / KYC

OFAC Penalises MoneyGram & SAP for Sanctions Violations

05/05/2021

In both cases, OFAC cited voluntary self-disclosures, the non-egregiousness of the violations, and remedial action as the reasons for the penalty amounts.

ESG / Sustainability

New Zealand Launches First Carbon Efficient Indices

05/05/2021

All S&P/NZX 50 companies are covered in the new indices. Constituent weights will be adjusted based on carbon intensity and emissions performance.

ESG / Sustainability

HKMA Issues Guideline on Green & Sustainable Finance Grant Scheme

05/05/2021

The grant amount for each bond issue will be half of the eligible expenses, capped at HK$2.5mn for rated bonds and HK$1.25mn  for unrated bonds.

Fintech / Regtech

Regulatory Reporting Lessons from Singapore and Australia

04/05/2021

MAS and APRA are among the regulators that have wholeheartedly endorsed the use of technology to improve the quality, accuracy and speed of reporting.

Securities / Derivatives

China: Policy Banks Pilot Direct Bidding Mechanism for Bond Issuance

04/05/2021

The pilot could mark a significant revamp in how bond issuance is carried out in China, and is seen as another step by the government to attract foreign capital.