Enforcement
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656Report Sets out Macau AML/CTF Weaknesses
Editors, Regulation Asia December 4, 2017Asia Pacific Group says authorities have not yet grasped cross-border AML risks, but praises use of intelligence to produce suspicious transaction reports.
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Australian Securities Regulator Fines VW Financing Arm
Editors, Regulation Asia November 30, 2017Move hints at increasing global concern that car finance, fuelled by low interest rates, could be source of next sub-prime crisis.
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China Micro-lenders Ordered to Halt Business
Editors, Regulation Asia November 27, 2017Murkiest of shadow banking sectors has extended short term credit of more than $150bn; extremely high rates, collection methods have led to ‘social problems’.
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HK Regulators Warn on Conflicts of Interest in Product Sales
Editors, Regulation Asia November 27, 2017HKMA, SFC say some intermediaries aren’t revealing related counterparties, not executing at best price, hide cheaper products.
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Singapore, Abu Dhabi to Cooperate on Banking Supervision, Markets, Fintech
Editors, Regulation Asia November 27, 2017Middle Eastern regulator has already approved one Singapore firm to provide credit services; Singapore firm won Fintech challenge.
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Indonesia Regulator to Set-up Regtech Surveillance System
Editors, Regulation Asia November 27, 2017New technology to include integrated surveillance including early-warning system, data analysis and online regulatory reporting for financial institutions.
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Vietnam to Allow Banks to Go Bankrupt
Editors, Regulation Asia November 27, 2017Bankruptcy 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'
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HSBC Private Bank Fined $50mn for Crisis-era Product Mis-selling
Editors, Regulation Asia November 23, 2017Securities and Futures Appeals Tribunal says future fines will be similarly large and exceed ‘mere cost of doing business’.
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Ex CITIC Securities President Jailed 3.5 Years for Corruption
Editors, Regulation Asia November 16, 2017Caixin reports that Cheng Boming was among 11 CITIC executives detained for alleged insider trading and leaking information during 2015 market meltdown.
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Australia, Indonesia, Malaysia to Hold CTF Summit
Editors, Regulation Asia November 16, 2017Summit to include ‘codeathon’, with 80 participants demonstrating new digital tools and ideas to address the challenge of terrorist financing.
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