Enforcement

Enforcement

Australian Banks’ Rate Rigging Settlement Confirmed

By Editors | 13/11/2017

ANZ and NAB will pay a total of $76mn for attempting to manipulate Bank Bill Swap Rate; Westpac Banking still fighting claims.

Capital / Liquidity

China to Clampdown on Money Laundering via Property Market

By Editors | 06/11/2017

**Developers to conduct due diligence checks on sources of funding, buyers must use their own accounts to make property purchases in AML drive.
**

Capital / Liquidity

FSB Reports on ‘Rise of the Financial Machines’, Backs Regtech

By Samuel Riding | 02/11/2017

Report suggests AI and machine learning could create new systemically important players, warns on opacity, audit difficulty.

Capital / Liquidity

Hong Kong Sets out Internal Audit Requirements for Authorised Institutions

By Editors | 02/11/2017

HKMA says audit functions must be separate from risk and compliance; will only allow outsourcing ‘under very limited circumstances’.

Enforcement

1MDB Saga Rumbles on in Singapore with Bans for Ex-Maybank, NRA Capital Staff

By Editors | 02/11/2017

Individuals banned for six years after conviction for 1MDB-related bribe; former representative of BSI Bank faces lifetime ban.

Capital / Liquidity

Korea Introduces ‘Sarbanes Oxley’ in Response to Accounting Scandals

By Samuel Riding | 02/11/2017

Move is part of President Moon Jae-in’s Chaebol clean-up campaign, follows proposal to make agencies liable for ‘defective ratings’.

Capital / Liquidity

HK SFC Launches Thematic Review of Prime Brokerage, Equity Derivatives

By Editors | 01/11/2017

Regulator says prime brokerage a growing revenue stream for institutions as Hong Kong’s asset management, hedge fund sectors expand.

AML / KYC

RBI Confirms ID-Bank Account Link Compulsory, to Create Public Credit Registry

By Editors | 25/10/2017

Central bank says Aadhar cards must be linked to bank account; proposed credit registry to be open to ‘all stakeholders’.

AML / KYC

ASIC to Seek 10-year Sentences for Corporate Criminals

By Editors | 25/10/2017

Securities regulator says current maximum punishments are not sufficient as they don’t wipe out gains made from illicit activity.