Financial Crime

KYC & CDD

Ant Group Undeclared Beneficial Owners Caused IPO Suspension

By Editors | 18/02/2021

The Wall Street Journal says Ant Group’s IPO was suspended last year due to its complex ownership structure and an unease over the likely beneficiaries of the listing.

Fraud, Scams & Cybercrime

SEC Thailand Consults on New Rules for Auditors, Audit Firms

By Sanday Chongo Kabange | 17/02/2021

The SEC proposes new rules on the reporting of suspected fraud identified in audits, and to lower entry requirements for auditors in the capital markets.

Conduct, Culture & Accountability

Australia: Licencing Regime for Debt Management Firms Wins Support

By Editors | 17/02/2021

The ABA suggests that ASIC be charged with supervising fee structures of debt management firms to further protect consumers, among other recommendations.

Conduct, Culture & Accountability

ASIC Issues Update on Advice Compensation Paid by Banks

By Editors | 16/02/2021

Australia’s largest financial institutions have paid over A$1.24 billion to compensate customers for fees-for-no-service misconduct and non-compliant advice.

KYC & CDD

Bangladesh Launches Online Account Opening for Stock Investors

By Editors | 16/02/2021

The new system will reduce the time it takes for investors to open an account and minimise the number of accounts opened using fake information, BSEC said.

Resolution & Recovery

RBI Establishes Expert Committee to Enhance UCB Resilience

By Editors | 16/02/2021

The committee will take stock of existing regulatory measures and their impacts and recommend other suitable measures to strengthen the sector.

Cryptocurrency

Hong Kong: GDF Warns Against Restricting Retail Investment in Crypto

By Manesh Samtani | 16/02/2021

The November FSTB proposal to only allow VASPs to offer services to professional investors could prompt retail investors to move to unlicensed platforms, GDF says.

Supervision & Enforcement

Superannuation Funds to Face Greater Scrutiny in 2021: APRA

By Ranamita Chakraborty | 15/02/2021

To improve member outcomes, APRA will focus on strengthening its prudential framework, sharpening supervision, improving data and enhancing transparency.

Fraud, Scams & Cybercrime

Chinese Premier Signs Decree on Preventing Illegal Fundraising

By Editors | 15/02/2021

New regulations set to take effect in May will enhance monitoring and penalties for illegal fundraising activities, with an emphasis on prevention and early detection.