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Structural Regulation
CBIRC Simplifies Administrative Licensing for Trust Companies
By Editors | 15/04/2020
The licensing rules reflect the cancellation of a $1bn asset threshold previously required of foreign financial institutions that invest in domestic trust companies.
Anti-Money Laundering
Westpac Expects to Pay A$900m Over AML Breaches
By Editors | 14/04/2020
While the bank expects to make a provision of A$900mn over AUSTRAC’s claim, it says the actual penalty may be materially higher or lower than this amount.
Conduct, Culture & Accountability
ASIC Shifts Focus to Ensure Market Integrity, Protect Consumers
By Editors | 14/04/2020
Covid-19 has raised the risk of significant consumer harm and serious breaches of financial services laws, says ASIC chair James Shipton.
KYC & CDD
The Latest Thinking On Beneficial Ownership, Power And Control
By Bureau van Dijk | 13/04/2020
Data is the first line of defence when it comes to protecting one’s business from links to wrongdoing.
Supervision & Enforcement
CBIRC to Grade Banks on Services for Small, Micro Enterprises
By Editors | 13/04/2020
Commercial banks that receive the lowest scores will be subject to targeted business improvement orders and enhanced supervision.
Anti-Money Laundering
FATF Grants Pakistan More Time to Address AML/CFT Deficiencies
By Editors | 12/04/2020
Pakistan will now have to submit its progress report in August instead of April, and the FATF review scheduled for June will instead take place in October.
Fraud, Scams & Cybercrime
China Probes Abuse of Epidemic Control Lending Programme
By Editors | 12/04/2020
Local authorities are directed to review the list of companies that received loans under a central bank initiative aimed at channelling low-cost funds into epidemic control.
Supervision & Enforcement
CBIRC Penalises Anxin Trust $2mn for Misappropriating Assets
By Editors | 09/04/2020
The misappropriation involved the transfer of assets from trust products to company shareholders, and the illegal use of assets to make payments for other products, among other purposes.
Conduct, Culture & Accountability
UPDATED – ASIC Commences Legal Proceedings For False Advertising
By Editors | 09/04/2020
ASIC alleges that companies in the Mayfair 101 Group promoted debenture products to wholesale investors using phrasing that falsely implied they were comparable to bank term deposits.
Anti-Money Laundering
HSBC Reports Possible AML Breaches at Australian Subsidiary
By Editors | 08/04/2020
Where appropriate, provisions have been made against possible penalties for underreporting of cross-border transactions and other investigations, reviews and inquiries that may involve the bank.
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