Sanday Chongo Kabange

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    Sanday Chongo Kabange is an experienced multimedia journalist and a contributor to Regulation Asia. He focuses on compliance, regulatory and legal issues for financial services.

    Articles by Sanday Chongo Kabange

    HKMA Finds Gaps in How Banks Sell Tax Deductible Products

    15/09/2021

    Some banks did not ensure the products were suitable, or did not explain product features and risks to customers.

    Enforcement

    Korean Tech Giants Told to Comply with Consumer Protection Law

    15/09/2021

    The FSC and FSS have ordered Kakao and Naver to alter or halt the sale of financial products online and register as brokerages by 24 September.

    AML / KYC

    German Finance, Justice Ministries Raided in Probe of FIU

    15/09/2021

    The probe was launched following complaints that the FIU had not acted on millions of euros of suspect transactions between 2018 and 2020.

    Fintech / Regtech

    Singapore, India to Enable Real-time Cross-border Payments

    15/09/2021

    The PayNow-UPI linkage will be implemented in July 2022, enabling faster and lower cost fund transfers between Singapore and India.

    Market Infrastructure

    China Pilots New Scheme to Plug Retirement Savings Gap

    15/09/2021

    Four domestic banks will test wealth management products for one year in Wuhan, Qingdao, Chengdu and Shenzhen.

    AML / KYC

    NZ Court Fines CLSA Premium NZ for AML/CFT Breaches

    13/09/2021

    The court said CDD requirements were clearly subordinated to the continuation of CLSA Premium NZ’s relationship with high net worth customers.

    Securities / Derivatives

    Korea to Create Additional ₩100bn ‘New Deal’ Fund

    13/09/2021

    The additional New Deal fund will be financed through 80bn won in investments from the private sector and 20bn won from the government.

    Enforcement

    BSP Introduces Stricter Penalty Framework for FIs

    13/09/2021

    Monetary penalties have increased from PHP 30,000 to a maximum PHP 1 million for each violation. Fines up to three times profit gained or loss avoided can also be imposed.

    Big Picture

    EU Regulators Warn of Cyber Risk, Credit Losses, Market Exuberance

    12/09/2021

    The EBA, ESMA and EIOPA warn of increasingly sophisticated cyber-attacks, deteriorating credit quality, and possible exuberance in markets.

    AML / KYC

    Philippine AMLC Asks Firms to Provide UBO Information in STRs

    10/09/2021

    The FATF action plan requires the Philippines to enhance and streamline law enforcement agencies’ access to accurate and up to date beneficial ownership information.

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