ENFORCEMENT

Enforcement

China Minsheng Bank Hit with $4mn Fine for Selling Fake WMPs

By Editors | 04/12/2017

Case of $249mn in fake products first exposed when customer went to branch to redeem WMP which did not actually exist.

AML / KYC

Report Sets out Macau AML/CTF Weaknesses

By Editors | 03/12/2017

Asia Pacific Group says authorities have not yet grasped cross-border AML risks, but praises use of intelligence to produce suspicious transaction reports.

Enforcement

Australian Securities Regulator Fines VW Financing Arm

By Editors | 30/11/2017

Move hints at increasing global concern that car finance, fuelled by low interest rates, could be source of next sub-prime crisis.

AML / KYC

China Micro-lenders Ordered to Halt Business

By Editors | 27/11/2017

Murkiest of shadow banking sectors has extended short term credit of more than $150bn; extremely high rates, collection methods have led to ‘social problems’.

Enforcement

HK Regulators Warn on Conflicts of Interest in Product Sales

By Editors | 27/11/2017

HKMA, SFC say some intermediaries aren’t revealing related counterparties, not executing at best price, hide cheaper products.

AML / KYC

Singapore, Abu Dhabi to Cooperate on Banking Supervision, Markets, Fintech

By Editors | 27/11/2017

Middle Eastern regulator has already approved one Singapore firm to provide credit services; Singapore firm won Fintech challenge.

Capital / Liquidity

Indonesia Regulator to Set-up Regtech Surveillance System

By Editors | 27/11/2017

New technology to include integrated surveillance including early-warning system, data analysis and online regulatory reporting for financial institutions.

Capital / Liquidity

Vietnam to Allow Banks to Go Bankrupt

By Editors | 27/11/2017

Bankruptcy will be a last resort; Vietnamese banking sector has bad debts of 8.6% of total credit, 17.2% NPL ratio; Moody’s outlook ‘positive’

Enforcement

HSBC Private Bank Fined $50mn for Crisis-era Product Mis-selling

By Editors | 23/11/2017

Securities and Futures Appeals Tribunal says future fines will be similarly large and exceed ‘mere cost of doing business’.