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Supervision & Enforcement
RBNZ Establishes Standalone Enforcement Department
By Ranamita Chakraborty | 13/04/2021
The new department will work to incentivise and manage prudent behaviour as well as hold institutions to account for non-compliance.
Fraud, Scams & Cybercrime
Singapore: Former Banker Admits to Cheating Seven People
By Editors | 12/04/2021
Han Delong worked for UOB between August 2014 and December 2015, and for OCBC between March 2016 to January 2017.
Structural Regulation
Regulators Order Ant Group to Establish Financial Holding Company
By Manesh Samtani | 12/04/2021
Ant Group will have to accept greater regulatory supervision, improve its corporate governance, and separate some of its businesses.
Anti-Money Laundering
Singapore Court Charges Five Over Shell Company Activity
By Ranamita Chakraborty | 12/04/2021
Between 2016 and 2019, eight police reports were filed by victims who were deceived into wiring around $1.7mn into the bank accounts of Singapore-registered shell companies.
Conduct, Culture & Accountability
ASIC Seeks Penalties from Westpac Over Credit Insurance Sales
By Editors | 12/04/2021
ASIC says Westpac debited premiums for consumer credit insurance from customers who did not agree to purchase the products.
Structural Regulation
China to Open Foreign Access to Hainan Financial Services Sector
By Sanday Chongo Kabange | 12/04/2021
Foreign FIs will be encouraged to establish joint venture banks with local firms. Foreign investors will be allowed to invest in financial products issued by Hainan FIs.
Cryptocurrency
SEC Thailand Allows Crypto Exchange Bitkub to Resume Services
By Editors | 12/04/2021
Bitkub has been allowed to resume accepting new clients. A warning was issued against Binance. Huobi was ordered to suspend services.
Emerging Prudential Risks
G20 to Use All Available Policy Tools for As Long As Required
By Manesh Samtani | 11/04/2021
G20 Finance Ministers and Central Bank Governors committed to avoiding any premature withdrawal of Covid-19 support measures, in line with the FSB’s recommendations.
Payments & Settlements
RBI to Extend RTGS, NEFT Connectivity to Nonbanks
By Editors | 10/04/2021
Digital wallet providers and card networks will be able to directly connect to the RTGS and NEFT systems.
Market Abuse
Korea to Root Out Speculation in Real Estate Market
By Ranamita Chakraborty | 10/04/2021
The FSC is setting up a special financial response team and new monitoring system to root out speculation in the property market.
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