AML / KYC

Taiwan FSC Fines Citibank, DBS for AML Violations

14/05/2021

The regulator cited failures related to customer due diligence, review mechanisms, transaction monitoring, risk assessment, and investigations.

AML / KYC

Singapore: Former BP Director Jailed on Corruption Charges

14/05/2021

The former regional director was also ordered to pay a penalty of SGD 6.2 million and faces additional money laundering charges.

Securities / Derivatives

SEC Thailand Issues Guidelines for Distressed Bond Funds

13/05/2021

Only institutional and ultra-HNW investors will be allowed to invest in distressed bond funds, which will be non-redeemable but have a maturity date prescribed.

Securities / Derivatives

CBIRC Green-lights BlackRock-CCB Wealth Management Venture

13/05/2021

The wealth management JV  is 50.1% owned by BlackRock, 40% by China Construction Bank’s wealth management subsidiary, and 9.9% owned by Temasek.

Securities / Derivatives

Taiwan FSC to Launch Inspections at FIs to Assess Sales Practices

13/05/2021

The FSC will conduct inspections at 10 banks, 6 credit unions, 6 insurers and 3 securities firms to check whether they have sold high-risk products to seniors.

Capital / Liquidity

Taiwan Central Bank Calls For Prudence in Mortgage Lending

13/05/2021

While most Taiwanese lenders have been abiding by risk management rules, others have been less prudent, offering interest rates that are below market averages.

AML / KYC

UOB Customer Data Gets Leaked In Impersonation Scam

13/05/2021

Scammers obtained personal information of over 1,000 of UOB’s Chinese customers with Singapore accounts by deceiving a bank employee.

Market Infrastructure

Working Group Publishes Recommendations on EURIBOR Fallbacks

13/05/2021

Although EURIBOR is not scheduled to be discontinued, the recommendations will provide legal certainty and help users comply with BMR fallback obligations.

Australia to Allow SMEs to ‘Pause’ Recovery of Tax Debt in Dispute

13/05/2021

Applying to the Administrative Appeals Tribunal to pause the ATO’s debt recovery actions will save small businesses on court and legal fees.