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Anti-Money Laundering
ASIC Ends Years-old Probe into CBA’s AML Breaches
By Editors | 26/08/2020
ASIC will not be pursuing further enforcement action against Commonwealth Bank for the AML breaches that in 2018 resulted in a A$700mn settlement with AUSTRAC.
PEPs & Sanctions
US Sanctions Chinese Individuals, Entities Over South China Sea
By Editors | 26/08/2020
The US accuses one Chinese state-owned enterprise of engaging in “corruption, predatory financing, environmental destruction, and other abuses across the world.”
Market Abuse
Singapore CEO Fined Over ‘Interested Person’ Transactions
By Editors | 26/08/2020
Under the Securities and Futures Act, mainboard companies must immediately announce interested person transactions worth over 3% of tangible assets.
Fraud, Scams & Cybercrime
SFC Imposes Lifetime Ban on Former China Citic Bank Employee
By Editors | 26/08/2020
The former relationship manager is said to have falsely represented to customers that an additional fee was needed to open an account with CITIC – which he then pocketed.
Capital Adequacy
S. Korea Progresses Bill on Financial Conglomerate Supervision
By Editors | 25/08/2020
The bill provides the legal basis for the supervision of non-holding financial groups such as Samsung, Hanwha, Kyobo, Mirae Asset, Hyundai Motor, and DB.
Conduct, Culture & Accountability
ASIC: Financial Advice-related Compensation Tops A$1bn
By Editors | 24/08/2020
NAB accounts for about two-thirds of the total number of customers that received or were offered compensation as a result of fees-for-no-service misconduct or non-compliant advice.
Capital Adequacy
Hong Kong IA Proposes New Capital Rules for Insurance Groups
By Manesh Samtani | 24/08/2020
The rules set out capital, regulatory reporting and public disclosure requirements that apply to insurance groups where the holding company is incorporated in Hong Kong.
Cybersecurity
ASIC Takes Former ANZ Unit to Court Over Cybersecurity Failures
By Sanday Chongo Kabange | 24/08/2020
ASIC is seeking orders requiring RI Advice Group to pay a civil penalty and ensure it implements systems to adequately manage cyber risk.
AI Risk & Governance
Hong Kong AoF Publishes Report on AI Adoption in Banking
By Editors | 23/08/2020
The report provides insights about the risk management frameworks and overarching supervisory principles banks use when adopting artificial intelligence.
PEPs & Sanctions
Pakistan Issues Consolidated List of Sanctioned Individuals, Entities
By Editors | 23/08/2020
The Ministry of Foreign Affairs says various sanctions were already in place against almost all of the individuals and entities listed by the United Nations Security Council.
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