Financial Crime

Custody & Infrastructure

AUSTRAC, Home Affairs Dept Highlight Benefits of Blockchain

By Editors | 18/02/2020

The Department of Home Affairs and AUSTRAC say blockchain has the potential to significantly reduce compliance costs and the regulatory burden imposed on reporting entities.

Conduct, Culture & Accountability

Whistleblowing Policy to Become Mandatory for SGX Listed Companies

By Editors | 18/02/2020

SGX RegCo chief Tan Boon Gin wants to hardcode a whistleblowing policy into the Listing Rules to make compliance mandatory. A consultation will be launched in June.

Anti-Money Laundering

PBOC Fines Three FIs, 24 Officers for AML Compliance Failures

By Editors | 18/02/2020

China Minsheng Bank, China Everbright Bank and Huatai Securities have been fined a combined 52mn yuan for failures in customer identification, transaction reporting and record keeping.

Conduct, Culture & Accountability

APRA, ASIC Welcome Reforms on Superannuation Regulation

By Editors | 17/02/2020

ASIC will be focused on conduct issues involving superannuation trustees, while APRA will be focused on prudential supervision of trustee activities.

Conduct, Culture & Accountability

FSC Korea to Lower Derivatives Mis-selling Fines for Woori, KEB Hana

By Editors | 17/02/2020

The FSC will impose lower penalties than what was recommended by the FSS, citing the two banks’ cooperation and their agreements to compensate clients for damages.

Fraud, Scams & Cybercrime

ASIC Imposes Lifetime Ban on Macquarie Equities Adviser

By Editors | 17/02/2020

The adviser misrepresented the value of his client’s portfolio on 19 separate occasions, and engaged in trading without proper authority of the client.

Market Abuse

SEBI Introduces New System to Detect Broker Misuse of Client Securities

By Editors | 17/02/2020

An online register will record brokers’ holdings of client securities, clubbing all such information collected by exchanges, depositories and clearing corporations for all types of trades.

Supervision & Enforcement

HK SFC Fines Wealth Manager for Noncompliance with Taiwan Laws

By Editors | 17/02/2020

Capital Global Management Limited was distributing offshore investment funds and offering investment advice in Taiwan despite not being authorised by Taiwan’s regulator.

Trading & Investment

Korea to Strengthen Regulatory Framework for Hedge Funds

By Manesh Samtani | 15/02/2020

The FSC will cap illiquid investments at 50% for open-ended funds, require them to conduct regular stress tests, raise transparency of complex fund structures, and enhance supervisory monitoring.