APRA Issues Updated EFS Reporting Standards

12/04/2024

The updated reporting standards and guidance will apply to reporting periods ending on or after 30 June 2024.

Enforcement

Hong Kong IA and ICAC Execute First Joint Operation

12/04/2024

Two individuals were arrested over a scheme by an insurance broker to use unlicensed referrers to sell insurance policies to Mainland Chinese visitors in Hong Kong.

ASIC Proposes Updates to Guidance for Insolvency Practitioners

12/04/2024

The proposed updates will provide improved guidance on reporting requirements and reduce “unnecessary effort and expense”, ASIC said.

Market Infrastructure

Australia Unveils Plans to Strengthen Rules for Mergers

12/04/2024

The reforms are expected to come into force on 1 January 2026, introducing a mandatory notification requirement for deals above certain thresholds.

AML / KYC

HK Customs Arrests One in Largest Ever Gold Smuggling Case

11/04/2024

The Customs and Excise Department has seized HKD 84 million worth of gold and arrested one person.

Crypto / Digital Assets

ASIC Appeals Court Ruling in ‘Finder Earn’ Crypto Case

11/04/2024

ASIC filed an appeal due to concerns that the Finder Earn product was offered without the appropriate licence or authorisation.

Fintech / Regtech

Philippines: NPLs at Digital Banks Continue to Rise

10/04/2024

Only two of the Philippines’ six digital banks are currently profitable. Yet, while NPLs are rising, deposit growth is still strong.

Enforcement

SFC Secures Court Orders Against Former Company CFO

10/04/2024

The former CFO was ordered to pay compensation of HK$163mn, the full amount that was misappropriated by the former chairman.

Market Infrastructure

NZ FMA to Require Operational Resilience as Licence Condition

09/04/2024

The FMA also launched a new “light-touch” online notification form for licence holders to notify the regulator of material incidents.