Financial Crime

Credit Risk

China Seeks ‘Bad Bank’ AMCs’ Help to Resolve P2P Crisis

By Editors | 20/08/2018

The government is asking the 4 state-owned asset managers set up in 1999 to repair bank balance sheets for help with custody, liquidation and restructuring of P2P assets.

Anti-Money Laundering

Japanese Regional Banks to Set Up AML Information Sharing

By Manesh Samtani | 16/08/2018

An information sharing network between 64 regional banks aimed at AML/CFT efforts is part of a larger legal and regulatory push in the country against money laundering in preparation for an FATF inspection.

Conduct, Culture & Accountability

New Zealand FMA Work Plan to Focus on Conduct, Culture

By Garima Chitkara | 16/08/2018

New Zealand’s Financial Markets Authority expects firms to put customer interests first; work plan to focus on conduct, culture, governance.

Fraud, Scams & Cybercrime

India’s Cosmos Bank Suffers $13mn Theft

By Manesh Samtani | 16/08/2018

Attackers used cloned cards to simultaneously withdraw cash from ATMs in 28 countries, along with a fraudulent SWIFT transfer two days later.

Fraud, Scams & Cybercrime

ASIC Asks Banks to Take Steps to Mitigate Financial Adviser Fraud

By Garima Chitkara | 16/08/2018

ASIC has asked 5 banks to put in place measures to monitor, review and better explain to customers the potential risks of providing account access to third parties like financial advisers.

Supervision & Enforcement

Royal Commission Hears Full Extent of NAB ‘Fees-for-no-service’ Failings

By Manesh Samtani | 15/08/2018

NAB reportedly misled ASIC about expected compensation payments for customers it charged for services not rendered; the bank also charged advice fees to more than 4000 dead customers.

Market Abuse

NSE To Approach SEBI on Co-Location Case

By Garima Chitkara | 13/08/2018

The exchange will begin dialogue with the regulator on alleged misuse of its co-location facility; NSE chief says the exchange’s IPO is on hold until the resolution of this case.

Market Abuse

Market Conduct Committee Calls for Greater Enforcement Powers for SEBI

By Garima Chitkara | 13/08/2018

A committee looking at fair market conduct has proposed greater powers for SEBI to go after insider trading, including the power to intercept phone and electronic communications.

Market Abuse

UPDATED – CSRC Hits Celebrity Trader with $260mn Market Manipulation Penalty

By Editors | 13/08/2018

Celebrity trader Gao Yong used his control over 16 securities accounts to manipulate stock prices, profiting by almost CNY 900 million in just six months.