Financial Crime

Supervision & Enforcement

SFC Fines Hang Seng Asset Management Arm

By JP Reimann | 01/06/2018

Hang Seng Investment Management fined HK$3mn for cash management failures involving SFC-authorised funds it manages from 2010 to 2016.

KYC & CDD

SFC Fines Wealth Manager Noah Holdings for Internal Control Failures

By JP Reimann | 30/05/2018

The firm was fined HK$5mn for failures in client risk profiling and product due diligence, resulting in potentially unsuitable investment products being sold to clients.

Conduct, Culture & Accountability

Malaysia Adopts FSPB Professional Code for Finance Industry

By JP Reimann | 28/05/2018

The code aims to instil core minimum standards of conduct, enhance confidence, promote sustainability across financial sector by promoting strong culture of professionalism.

Anti-Money Laundering

Australia Consults on Cash Payment Limits

By Garima Chitkara | 28/05/2018

Government proposes limit of A$10,000 for cash payments to stamp out illegal payments and black economy; transactions exceeding limit must use electronic payments systems or cheques.

Trading & Investment

SEBI Further Eases GIFT City Market Access for Foreign Investors

By Garima Chitkara | 28/05/2018

SEBI has allowed a segregated nominee account structures for routing foreign stock trade orders at India’s IFSC, known as GIFT City.

Cryptocurrency

India’s Supreme Court to Hear All Crypto Related Cases

By Manesh Samtani | 25/05/2018

Several petitions received by courts challenging constitutional validity of RBI order barring banks from crypto dealings; next Supreme Court hearing scheduled for 20 July.

Market Abuse

New BBSW Calculation Methodology Takes Effect in Australia

By Garima Chitkara | 24/05/2018

Methodology based upon market transactions over longer rate-set window involving a larger number of participants, during most liquid period of bank bills market; manipulation punishable by civil, criminal penalties.

Anti-Money Laundering

S. Korean Banks’ AML Programmes Under US Regulatory Scrutiny

By JP Reimann | 23/05/2018

New York State Department of Financial Services to conduct inspections at South Korean bank branches for compliance with AML regulations.

Cryptocurrency

Talking Crypto Regulation with Ripple’s Sagar Sarbhai

By Manesh Samtani | 22/05/2018

Regulation Asia sat down with Sagar Sarbhai, Head of Government and Regulatory Relations for APAC and the Middle East at Ripple, to discuss the company’s business proposition and the regulatory challenges it faces across the region.