Financial Crime

Anti-Money Laundering

US Lifts Threat of Criminal Charges against HSBC

By Garima Chitkara | 14/12/2017

Bank released from deferred prosecution agreement after meeting its terms; outgoing CEO says AML to remain ‘a top priority’ in 2018.

Structural Regulation

China to Scrap RMB Trading Waitlist for Foreign Banks

By Samuel Riding | 14/12/2017

Move is part of a package reforms including ‘non-discriminatory ownership limit rules’ for overseas banks, but PBOC doesn’t provide timeline.

Supervision & Enforcement

Hong Kong Court Confirms Legality of SFC-CSRC Information Sharing

By Editors | 12/12/2017

Judge rejects legal challenge to transfer of documents seized by SFC during execution of a search warrant to the Chinese securities regulator.

Anti-Money Laundering

Australia Makes Cryptocurrencies ‘Equivalent to Cash’ for AML/CTF Purposes

By Editors | 11/12/2017

**Australia joins Japan in recognising cryptocurrencies as a store of value, international transactions of $7,500 or more must be reported.
**

Cryptocurrency

Hong Kong Rejects Japan-style Embrace of Cryptocurrencies

By Editors | 11/12/2017

Government official says Hong Kong will continue to regard cryptocurrencies as commodities, won’t legitimise through regulation.

Structural Regulation

What You Need to Know About MiFID II Product Governance Requirements

By Samuel Riding | 07/12/2017

With less than a month to go before the MiFID II comes into effect, Vijay Chander, executive director for Fixed […]

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.