Financial Crime

Supervision & Enforcement

ASIC Seeks Powers to Hasten Bank Remediation

By Manesh Samtani | 20/04/2018

Australian banks take on average over 4 years to identify misconduct, over 4 months to report it, over 7 months post-investigation to compensate customers.

Supervision & Enforcement

Australia Consults on Enforcement Powers for Client Money Rules

By Editors | 19/04/2018

Draft law provides ASIC with wider range of tools to enforce better protections for client money held for OTC derivatives.

Market Abuse

HKEX Fights Market Abuse with AI, Machine Learning Tech

By JP Reimann | 19/04/2018

NASDAQ technology aims to better safeguard market integrity, detect unusual trading and market abuse, and provide immediate review of group activity involving coordinated trades.

Cryptocurrency

Self-Regulatory Framework Proposed for Korea’s Crypto Exchanges

By JP Reimann | 19/04/2018

Framework proposed by Korean Blockchain Association proposes includes $1.8mn minimum equity capital, five year storage of transaction records , ethical charter to prevent insider trading.

Cybersecurity

Philippines Targets Retail Finance Digitalisation

By Garima Chitkara | 19/04/2018

BSP governor laid out the central bank’s regulatory priorities in fintech and regtech while revealing regulation around AML/KYC requirements and mitigating the risks surrounding data security.

Anti-Bribery & Corruption

S.Korea FSS Chief Resigns Just Weeks into The Job

By Editors | 19/04/2018

Election watchdog finds governor Kim Ki-sik in violation of laws for overseas trips sponsored by financial institutions and political donations.

Conduct, Culture & Accountability

Australia Royal Commission Finds AMP Repeatedly Deceived Regulator

By Manesh Samtani | 19/04/2018

Wealth manager AMP covered up for years a policy of charging customers fees for advice they never received; sought to influence “independent” review into the practice to protect executives.

Supervision & Enforcement

CBA, ANZ to Pay Compensation for Missing Financial Advice Records

By Editors | 16/04/2018

CBA and ANZ to pay $69mn and $36.4mn compensation, respectively, for failing to provide documentation of annual customer reviews.

Liquidity Risk

China Restricts Borrowings, Suspends OTC Options to Curb Brokerage Risks

By JP Reimann | 16/04/2018

Central bank will cap outstanding balances of short-term financing tools at 60% of a brokerage’s net capital; cap to be adjusted every six months based on brokers’ liquidity profiles.