Financial Crime

Emerging Prudential Risks

HK, Korea, Philippines to Undergo IMF Assessment in 2020

By Editors | 31/01/2020

While Hong Kong and Korea are scheduled to undergo the assessment, as required every five years, the Philippines has voluntarily requested its assessment.

Supervision & Enforcement

APRA Publishes Strategic Priorities for the Year Ahead

By Editors | 31/01/2020

Chairman Wayne Byres says publishing APRA’s policy and supervision priorities supports the regulator’s commitment to greater transparency and accountability.

Conduct, Culture & Accountability

SFC Suspends RHB Securities AE for Unauthorised Discretionary Trades

By Editors | 30/01/2020

The account executive conducted discretionary trades for a client account for almost two years without obtaining written authorisation.

Supervision & Enforcement

ASIC Bans Adviser for Bad Investment Recommendation

By Editors | 29/01/2020

A former adviser of NAB-owned Godfrey Pembroke failed to act in his clients’ best interests by recommending they invest in a mobile payments start-up that later failed.

PEPs & Sanctions

Sanctions Screening Short Cuts Not Worth the Risk: Refinitiv

By Manesh Samtani | 29/01/2020

Increasingly aggressive US sanctions policies highlight the need for financial institutions to adopt and implement a sophisticated risk-based approach to compliance.

Payments & Settlements

Singapore’s Payment Services Act Comes Into Force

By Manesh Samtani | 28/01/2020

The PS Act gives MAS formal supervisory powers over technology, cybersecurity and AML/CFT controls at payment services firms, including cryptocurrency and e-wallet companies.

Conduct, Culture & Accountability

NAB Units Face Class Action for Mismanaged Superannuation

By Editors | 27/01/2020

The case will focus on NAB’s alleged failure to transfer A$6.3mn of accrued default amounts to MySuper in a timely fashion, as required by law.

Market Abuse

SEBI to Augment Social Media Monitoring to Fight Manipulation

By Editors | 24/01/2020

SEBI is working on a ‘data lake’ project that will use AI, machine learning and NLP tech to analyse unstructured data and augment market surveillance.

Conduct, Culture & Accountability

Australia Proposes Broad Extension of Financial Accountability Regime

By Manesh Samtani | 24/01/2020

FAR will replace BEAR and apply to insurers, superannuation entities, financial holding companies and eventually ASIC licensees, with higher penalties for breaches.