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Anti-Money Laundering
AUSTRAC Consults on AML/CTF Rule Amendments
By Editors | 31/07/2021
The amendments allow FIs to carry out ACIP on a customer after an account is opened, provided the initial deposit is the only transaction made at opening.
Conduct, Culture & Accountability
Australia: BT, Asgard Fined for Charging Fees for No Service
By Sanday Chongo Kabange | 30/07/2021
Westpac will pay A$3mn in civil penalties for BT Funds Management and Asgard Capital Management in proceedings commenced by ASIC in August 2020.
Fraud, Scams & Cybercrime
Family Offices Should Start Behaving Like Regulated Entities
By Marie Gervacio | 30/07/2021
Family offices should be reviewing their governance and risk management frameworks in light of the Archegos collapse, says Marie Gervacio.
Market Abuse
CSRC Fines ByteDance Employee for Insider Trading
By Sanday Chongo Kabange | 30/07/2021
The CSRC fined the ByteDance employee nearly nine times the profit he made from trading shares on insider information.
Supervision & Enforcement
ASIC Files Suit Against AMP Over Superannuation Fees
By Editors | 30/07/2021
AMP companies are said to have charged advice fees to more than 1,500 customers despite being notified they were no longer able to access the relevant advice.
Cryptocurrency
Australia: Industry Body Seeks Greater Clarity on Crypto Regulation
By Sanday Chongo Kabange | 30/07/2021
Blockchain Australia has asked for safe harbour to be provided to ensure regulatory action will not be taken against crypto businesses where the law is unclear.
Conduct, Culture & Accountability
Culture & Conduct Risk: The Normalization of Deviance
By Stephen Scott | 29/07/2021
Many still believe that misconduct can be discovered only after it occurs: a ‘detect and correct’ mindset. Starling’s Stephen Scott says a ‘predict and prevent’ approach is starting to emerge.
Fraud, Scams & Cybercrime
FSC Finds VASP Deposit Accounts Linked to Fraudulent Activity
By Editors | 29/07/2021
Crypto exchanges in Korea are required to use bank accounts under their real names. Third party bank accounts are not allowed.
Emerging Prudential Risks
Australia: Mutual Banks Face “Avalanche” of Regulatory Change
By Manesh Samtani | 28/07/2021
A new benchmarking report from GRC Solutions highlights the challenges incoming regulatory requirements are presenting to the mutual banking sector.
Anti-Money Laundering
Crypto to Become One of the ‘Safest Environments Ever’
By Manesh Samtani | 28/07/2021
Experts discuss regulatory fragmentation, rapid travel rule adoption, and good compliance practices for VASPs.
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