Market Abuse

ASIC Files Suit Against Westpac for Alleged Insider Trading

05/05/2021

ASIC says Westpac traded interest rate derivatives to pre-position itself while knowing it would be selected to execute a A$12bn interest rate swap hours later.

Anti-Money Laundering

US Lawmakers Call for ‘War-like Footing’ Against Corruption

05/05/2021

In a letter to Janet Yellen, two lawmakers have called for AML obligations to be expanded to hedge funds, private equity, and other professional enablers.

Anti-Money Laundering

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.

Anti-Money Laundering

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.

Conduct, Culture & Accountability

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.

Conduct, Culture & Accountability

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.

PEPs & Sanctions

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.

Climate Risk

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.

Sustainable Finance

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.