Conduct, Culture & Accountability

Australia Consults on Draft Regulations for Financial Advice Reforms

12/06/2024

The consultation proposes regulations to support the delivery of the first tranche of reforms to increase access to affordable financial advice.

Trading & Investment

Korea: Short Selling Monitoring System To Be Ready in March 2025

11/06/2024

South Korea’s ban on short selling can only be lifted after the new Naked Short Selling Detection System is in place.

CBDCs

HSBC China Launches e-CNY Services for Corporate Clients

11/06/2024

HSBC China has become one of the first foreign banks in the country to provide digital yuan services to both corporate and retail customers.

Anti-Money Laundering

Australia Court Orders SkyCity to Pay A$67m AML Penalty

07/06/2024

SkyCity’s failures “over many years allowed high-risk customers to move millions of dollars through the casino”.

Structural Regulation

Australia Introduces Legislation to Regulate BNPL Sector

06/06/2024

BNPL providers will need to hold a licence and comply with existing credit laws, including requirements to conduct affordability checks.

Fraud, Scams & Cybercrime

SFC Obtains Asset Freeze Orders from Canadian Regulator

06/06/2024

The preservation orders were made to restrain the assets of a former Hong Kong CEO pursuant to the IOSCO EMMoU.

Reporting & Disclosures

Active Super Engaged in Greenwashing, Australia Court Rules

06/06/2024

Active Super made “misleading” and “deceptive” representations regarding exclusions applied to gambling, coal mining, Russian entities and oil tar sands investments.

Cryptocurrency

No Penalty for Block Earner, Australian Court Rules

05/06/2024

The Federal Court said Block Earner will not have to pay a penalty as it acted “honestly” before offering its “Earner” product.

Operational Risk

APRA Fines Superannuation Trustee for Late Reporting

05/06/2024

APRA said Equity Trustees Superannuation lodged 15 reporting forms late for two funds under its trusteeship.