Market Infrastructure

Taiwan FSC Orders Governance Fix at Fubon Financial Holdings

13/08/2018

The regulator is concerned the founding family holds undue influence at Fubon Financial Holdings and affiliates, compromising board of directors’ autonomy.

AML / KYC

Former Macquarie Consultant Jailed for Money Laundering, Tax Evasion

13/08/2018

Anthony Castagna and his accountant cousin Robert Agius conspired to have money paid by Macquarie for consulting funneled through offshore entities in Vanuatu to evade tax in Australia.

Crypto / Digital Assets

Thailand Allows Banks to Engage in Crypto Activities Through Subsidiaries

10/08/2018

Banks still prohibited from issuing, buying or selling digital tokens directly, but bank subsidiaries will be allowed to trade cryptocurrency and issue digital tokens with permission from supervisory body.

Enforcement

Fees-for-no-service Remediation to Top A$850mn – ASIC

09/08/2018

CBA has paid or offered compensation over A$118 million so far, with over A$25 million more provisioned for future compensation.

Securities / Derivatives

Chinese Alternative Asset Managers Dissolve in Record Number

09/08/2018

The Asset Management Association of China says in the first half of 2018, 163 private fund institutions have failed to renew their registration status with the association every three months as required.

Fintech / Regtech

Financial Regulators Consult on ‘Global Sandbox’ Approach

09/08/2018

HKMA, MAS, ASIC among 12 regulators seeking views from interested parties on new Global Financial Innovation Network initiative, including its role, tools and where it should prioritise activity.

Market Infrastructure

Two Thirds of Cyber Incidents Caused by Staff – Willis Towers Watson

08/08/2018

Companies and their staff need cyber training and education to ensure they are aware of the need to protect customer information at all times, and in particular, of the reputational and business interruption risks of having cyber incidents, says Willis Towers Watson’s Jessica Wright.

Market Infrastructure

Talking Derivatives Trade Reporting with DTCC’s Oliver Williams

08/08/2018

Enhancements to DTCC’s Global Trade Repository service in Singapore will support the MAS’s next phase of derivatives trade reporting requirements, as well as improve usability and reduce complexity for users.

AML / KYC

Financial Institutions on Frontline Against Human Trafficking – FATF

06/08/2018

Countries must assess risk of human trafficking and laundering of its proceeds, and share this information with stakeholders; partnerships with private sector – financial institutions in particular – are key.