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Fraud, Scams & Cybercrime
India: PMC Bank Managing Director Confesses to Wrongdoing
By Editors | 02/10/2019
PMC Bank’s now-suspended managing director has reportedly confessed that the bank’s loan exposures went unreported for over six years.
Anti-Bribery & Corruption
Malaysia Proposes Anti-Corruption Measures for Listed Companies
By Editors | 30/09/2019
The consultation also proposes amendments to facilitate the electronic performance of corporate actions by securities holders.
Conduct, Culture & Accountability
New Zealand to Introduce New Conduct Oversight Regime
By Editors | 27/09/2019
New legislation to implement the regime is expected by year-end, empowering the FMA with stronger enforcement tools and the ability to impose higher penalties for conduct breaches.
Conduct, Culture & Accountability
RBNZ to Start Publishing Regulatory Breaches by Banks
By Editors | 25/09/2019
The RBNZ will start publishing banks’ regulatory breaches on its website next year in a bid to improve transparency and market discipline.
Supervision & Enforcement
APRA’s Authority Potentially Undermined by IOOF Court Loss
By Editors | 25/09/2019
APRA initiated court action against IOOF seeking to ultimately disqualify its executives from the industry, but instead the court dismissed the regulator’s case.
Market Abuse
US, UK Agencies Work to Clean Up Credit Derivatives Market
By Editors | 24/09/2019
In a joint statement, the SEC, CFTC and FCA have pledged to work together to address “opportunistic strategies” that harm the credit derivatives market.
Market Abuse
US SEC Settles Charges Against Nissan, Former CEO
By Editors | 24/09/2019
As settlement for underreporting CEO compensation, Nissan agreed to pay $15mn, while ex-CEO Carlos Ghosn will pay $1mn and get a 10-year officer and director bar.
Anti-Money Laundering
AUSTRAC Orders AML/CTF Audit at PayPal Australia
By Editors | 24/09/2019
AUSTRAC’s order follows a self-reported issue PayPal detected in its reporting system for international fund transfer instructions, which it said it was working to remediate.
Anti-Money Laundering
Taiwan Seeks Significantly Higher Penalties for Tax Evasion
By Editors | 24/09/2019
Reports indicate there is considerable support to raise the maximum fine for tax evasion from NT$60,000 to NT$100mn.
Anti-Bribery & Corruption
SFC Imposes Lifetime Ban on Former BoCom Banker
By Editors | 24/09/2019
The ban follows an August 2018 conviction, where the former banker was found guilty of soliciting illegal commission payments from a client for stock trading profits.
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