Enforcement
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602Border Cash Declarations Won’t Halt HK Money Laundering
Peter Guy, Regulation Asia February 19, 2018For the first time, visitors to Hong Kong will soon have to declare cash they bring in. But money laundering will continue to flourish.
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350Australia Creates New Financial Complaints Body
Editors, Regulation Asia February 16, 2018New body merges three existing complaints authorities; will streamline complaints process and quicken dispute resolution for customers.
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419CBRC Targets Banker Misconduct
Samuel Riding, Regulation Asia February 15, 2018CBRC proposals would require banks to set up conduct management departments, submit conduct codes to regulator, establish whistle blower mechanism.
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650Interactive Brokers HK Fined for Trading System Failures
Editors, Regulation Asia February 15, 2018The firm’s electronic trading system repeatedly submitted orders without regard for market liquidity and without effective price and volume controls.
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377China ‘Techfins’ Alibaba, Tencent Fined for Forex Breaches
Editors, Regulation Asia February 10, 2018Financial units of Alibaba and Tencent fined for offences including failure to file reports on forex payments by non-residents.
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581Credit Suisse Hong Kong Fined $5mn
Editors, Regulation Asia February 10, 2018Regulatory breaches include failures related to segregation of client securities, reporting of transaction, noncompliance with short selling requirements, unsuitability of investment products sold to clients.
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286RBI to Set Up Dedicated Ombudsman for NBFCs
Editors, Regulation Asia February 9, 2018New ombudsman scheme will initially cover deposit-taking nonbank financial companies; rules to be laid out this month.
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331Korea Seeks to Expand Recruitment Probe to NBFIs
Editors, Regulation Asia February 9, 2018Probe could include some 70 savings banks, insurers, credit card providers and investment companies.
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353Australia Moves to Cap Banker Pay
Garima Chitkara, Regulation Asia February 8, 2018New law intended to restore trust in scandal-hit sector; executives to be held directly accountable and can be potentially banned from the industry on non-compliance.
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359ANZ, Westpac Banks Refund Credit Card Customers
Editors, Regulation Asia February 8, 2018ANZ to refund AUD10.2mn for improper fee disclosures; Westpac completes AUD11.3mn remediation following review of credit card limit increases.
