Enforcement

Australia: ANZ Sanctioned for Charging Deceased Customers

03/07/2024

The BCCC sanctioned ANZ for breaching its obligations under the Banking Code of Practice in relation to deceased customers.

Market Infrastructure

Hong Kong’s New RBC Regime for Insurers Commences

03/07/2024

The introduction of the RBC regime will strengthen the financial soundness of insurers and enhance protection for policy holders.

Market Infrastructure

HSBC Completes Pilot Trial of Cross-Boundary Credit Referencing

03/07/2024

HSBC is one of the first banks to successfully participate in the newly-launched cross-boundary credit referencing initiative led by the HKMA and the PBOC.

Market Infrastructure

Hong Kong AFRC Sets Expectations for PIE Auditors

03/07/2024

The AFRC has reminded PIE auditors to be prepared for undertaking PIE engagements as gatekeepers for the capital market.

Market Infrastructure

AFCA Publishes New Rules and Operational Guidelines

02/07/2024

The new rules are approved by ASIC and provide complete transparency into how the AFCA operates.

AML / KYC

FSC Issues New Standard on Fraud and Scam Mitigation for Super Funds

02/07/2024

The new standard requires funds to implement multifactor authentication for all high-risk transactions and to have clear procedures to prevent fraudulent events.

SFC Streamlines Approvals for ILAS Marketing Materials

01/07/2024

Approval will no longer be required for “immaterial changes” to ILAS marketing materials that are already authorised by the SFC.

Market Infrastructure

China, Hong Kong Pilot Cross-boundary Credit Referencing

01/07/2024

The MoU between the HMKA and PBOC on cross-boundary commercial credit data connectivity is “essential” for healthy development of the banking sector.

AML / KYC

Australia Law Body Issues Guidance on AML

01/07/2024

The guidance will safeguard  legal practitioners from being “unwittingly” misused by financial criminals.