Enforcement
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AUSTRAC Hails Tabcorp Fine for AML/CTF Breaches
Garima Chitkara, Regulation Asia November 16, 2017Casino and gaming operator fined more than $34mn for a series of AML/CTF failures; AUSTRAC stresses management responsibility.
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Australian Banks’ Rate Rigging Settlement Confirmed
Editors, Regulation Asia November 13, 2017ANZ and NAB will pay a total of $76mn for attempting to manipulate Bank Bill Swap Rate; Westpac Banking still fighting claims.
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China to Clampdown on Money Laundering via Property Market
Editors, Regulation Asia November 6, 2017Developers to conduct due diligence checks on sources of funding, buyers must use their own accounts to make property purchases in AML drive.
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FSB Reports on ‘Rise of the Financial Machines’, Backs Regtech
Samuel Riding, Regulation Asia November 2, 2017Report suggests AI and machine learning could create new systemically important players, warns on opacity, audit difficulty.
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Hong Kong Sets out Internal Audit Requirements for Authorised Institutions
Editors, Regulation Asia November 2, 2017HKMA says audit functions must be separate from risk and compliance; will only allow outsourcing ‘under very limited circumstances’.
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1MDB Saga Rumbles on in Singapore with Bans for Ex-Maybank, NRA Capital Staff
Editors, Regulation Asia November 2, 2017Individuals banned for six years after conviction for 1MDB-related bribe; former representative of BSI Bank faces lifetime ban.
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Korea Introduces ‘Sarbanes Oxley’ in Response to Accounting Scandals
Samuel Riding, Regulation Asia November 2, 2017Move is part of President Moon Jae-in’s Chaebol clean-up campaign, follows proposal to make agencies liable for ‘defective ratings’.
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HK SFC Launches Thematic Review of Prime Brokerage, Equity Derivatives
Editors, Regulation Asia November 1, 2017Regulator says prime brokerage a growing revenue stream for institutions as Hong Kong’s asset management, hedge fund sectors expand.
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RBI Confirms ID-Bank Account Link Compulsory, to Create Public Credit Registry
Editors, Regulation Asia October 25, 2017Central bank says Aadhar cards must be linked to bank account; proposed credit registry to be open to ‘all stakeholders’.
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ASIC to Seek 10-year Sentences for Corporate Criminals
Editors, Regulation Asia October 25, 2017Securities regulator says current maximum punishments are not sufficient as they don’t wipe out gains made from illicit activity.
