Enforcement

The Australian Financial Complaints Authority, going into operation on 1 November this year, will focus on complaints by consumers and small businesses against financial firms.

Regulator warns that Australian corporate and consumer law applies, even for overseas ICOs, if Australian consumers are affected.

Prudential inquiry reveals widespread complacency, inadequate risk management, unclear executive level accountabilities, among other failings at the bank.

Hong Kong exposed to medium-high level of money laundering risk; ability to combat money laundering also assessed as medium-high.

SZSE and SSE have strengthened rules for member firms on monitoring key accounts for abnormal trading and market manipulation.

MAS has released guidelines on promoting individual accountability of senior managers, strengthening employee oversight, and embedding 'proper conduct' standards at financial institutions.

Deputy chief Arthur Yuen highlighted technological innovation, increased information sharing and the application of a risk-based approach as the key issues to implementing effective AML systems.

Central bank says many online lending firms are not licensed, making the loans illegal.

Australia released new draft regulations to make technical amendments to the levies in the industry funding framework; consultation closes on 14 May 2018.

China’s central bank issued a warning on all illegal fundraising, including through financing intermediaries, online finance platforms, real estate, agriculture, ICOs.