Financial Crime

Conduct, Culture & Accountability

ASIC Probes Brokers for Exploiting Wholesale Investor Rules – Report

By Editors | 26/02/2020

Some stockbrokers reportedly mis-classified retail clients as sophisticated investors in order to sell them poor-performing listed investment funds.

Trading & Investment

Hong Kong Announces Budget Initiatives to Boost Financial Sector

By Manesh Samtani | 26/02/2020

The initiatives include a waiver on stamp duties paid by ETF market makers, tax concessions for private equity funds, and planned enhancements to Hong Kong’s AML/CTF regime.

Capital Adequacy

FSC Korea to Tighten Financial Conglomerate Supervision from May

By Editors | 25/02/2020

The FSC is revising its guidelines on the supervision of financial conglomerates to enhance capital adequacy assessments, disclosure rules, and internal controls requirements.

KYC & CDD

FATF Highlights Digital Identity, Virtual Assets as Key Priority Areas

By Manesh Samtani | 24/02/2020

At its Plenary, the FATF highlighted the use of digital identity systems, the new standards for virtual assets, and efforts to tackle illegal wildlife trade as some of its key initiatives.

Anti-Money Laundering

FATF Commends Korea, Warns Pakistan, Blacklists Iran

By Manesh Samtani | 24/02/2020

Korea has a sound legal and institutional framework. Pakistan is asked to complete its action plan. Countermeasures against Iran are reinstated.

PEPs & Sanctions

Huawei Alleges HSBC Continued Evading Sanctions After 2012 DPA

By Editors | 20/02/2020

HSBC continued to evade Iran sanctions after its 2012 deferred prosecution agreement with the US Department of Justice, Huawei lawyers say in a letter to a New York District Court.

Conduct, Culture & Accountability

Taiwan FSC Fines Cathay Life for Lax Sales Controls

By Editors | 20/02/2020

Cathay Life failed to improve its internal controls for sales agents and its insurance underwriting mechanism despite complaints from 14 customers.

Fraud, Scams & Cybercrime

Lime Asset, Shinhan Investment Raided in Hedge Fund Misselling Probe

By Editors | 20/02/2020

Investigators were dispatched to both firms to secure computer drives and documents linked to alleged misselling and fraud at both firms.

Supervision & Enforcement

HK Court Upholds SFC Power to Access Digital Devices in Investigations

By Editors | 19/02/2020

The SFC is empowered to access to email accounts and personal digital devices which may contain information relevant to its investigations, the court said.