Financial Crime

Conduct, Culture & Accountability

Auditor Independence Still an Issue for Audit Quality: FMA

By Editors | 18/11/2019

The key issues identified in the FMA’s Audit Quality Report 2019 related to auditor independence, related party transactions, accounting estimates, and auditor response to fraud risk.

Anti-Money Laundering

NAB Faces Potentially Significant AML Penalties

By Editors | 18/11/2019

NAB’s annual report says the bank has reported “a number of” AML/CTF compliance breaches to regulators, the potential outcome and costs of which remain uncertain.

Supervision & Enforcement

CSRC Revokes Licences of CEFC China Securities Unit

By Editors | 18/11/2019

CEFC Shanghai Securities Co used its own and client funds to provide financing to its parent and other affiliated companies for purchasing and leasing properties.

Anti-Bribery & Corruption

SFC Bans Former Deutsche Securities RO for Life

By Editors | 18/11/2019

For ban follows a February 2018 conviction, where the former responsible officer was sentenced to 45 months’ imprisonment and ordered to pay HK$6.4mn to Deutsche Bank AG in restitution.

Supervision & Enforcement

UBS Fined in Singapore for Pricing Deception by Advisers

By Editors | 18/11/2019

The MAS penalty follows similar action taken against UBS by the Hong Kong SFC to penalise the bank and demand compensation for clients that were overcharged over a ten-year period.

Emerging Prudential Risks

New Supervisory Framework for Internationally Active Insurers

By Editors | 15/11/2019

The global framework comprises an enhanced set of supervisory policy measures and powers of intervention, along with an annual IAIS global monitoring exercise.

KYC & CDD

MAS to ‘Take Another Crack’ at KYC Utility Project

By Editors | 15/11/2019

The KYC Utility project was shelved last year after the setup costs were deemed to be too high. This time, the MAS will look at “less costly” technology architecture.

Cloud & Infrastructure

Regulation Asia Awards for Excellence 2019 – Results Announcement

By Editors | 14/11/2019

Regulation Asia held its second annual Awards ceremony on 13 November 2019 to recognise technology companies, legal and consulting firms, and exchanges that have helped shape the regulatory landscape in Asia Pacific over the past year.

Conduct, Culture & Accountability

UPDATED – South Korea Cracks Down on High-Risk Derivatives Sales

By Editors | 14/11/2019

Penalties for mis-selling are being toughened to include fines up to 30 million won and punitive fines up to 50 percent of unfair gains. New standards for professional investors also established.