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Anti-Money Laundering
EU Blacklists S.Korea, Macau Tax Regimes; HK on ‘Greylist’
By Garima Chitkara | 07/12/2017
HK on ‘greylist’; Macau, S.Korea, on blacklist with the latter said to operate a ‘harmful preferential tax regime’ for the wealthy, companies.
Supervision & Enforcement
HK SFC Sees Criminal Charges Surge
By Editors | 07/12/2017
Securities regulator laid 42 charges in 6 months to end-September this year, up 180% from same period in 2016, but commenced far fewer investigations.
Structural Regulation
Singapore Releases SIBOR Benchmark Reform Proposals
By Garima Chitkara | 07/12/2017
Consultation is based on IOSCO principles, FSB recommendations, comes four years after 20 banks disciplined for benchmark manipulation.
Supervision & Enforcement
Australia to Kick off Long-awaited Royal Commission into Financial Sector
By Editors | 04/12/2017
Inquiry to look into alleged misconduct in financial sector welcomed by banks, securities regulator, but not superannuation scheme operators.
Fraud, Scams & Cybercrime
China Minsheng Bank Hit with $4mn Fine for Selling Fake WMPs
By Editors | 04/12/2017
Case of $249mn in fake products first exposed when customer went to branch to redeem WMP which did not actually exist.
Anti-Money Laundering
Report Sets out Macau AML/CTF Weaknesses
By Editors | 03/12/2017
Asia Pacific Group says authorities have not yet grasped cross-border AML risks, but praises use of intelligence to produce suspicious transaction reports.
Conduct, Culture & Accountability
Australian Securities Regulator Fines VW Financing Arm
By Editors | 30/11/2017
Move hints at increasing global concern that car finance, fuelled by low interest rates, could be source of next sub-prime crisis.
Emerging Prudential Risks
China Micro-lenders Ordered to Halt Business
By Editors | 27/11/2017
Murkiest of shadow banking sectors has extended short term credit of more than $150bn; extremely high rates, collection methods have led to ‘social problems’.
Fraud, Scams & Cybercrime
Bank Officials Involved in Majority of Online Banking Forgeries in Bangladesh
By Garima Chitkara | 23/11/2017
A Bangladesh Institute of Bank Management survey has found that bank officials are directly involved in 67 per cent of online banking forgeries in collusion with IT firms.
KYC & CDD
Philippines Looks to Blockchain to Spur Financial Inclusion
By Garima Chitkara | 23/11/2017
The Bankers Association of the Philippines has launched a digitisation initiative to facilitate customer identity management and verification through blockchain technology.
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