Financial Crime

Supervision & Enforcement

ASIC Issues Second Update on Response to Royal Commission

By Editors | 13/09/2019

Of 105 investigations and court actions underway against financial institutions at the end of July, 86 related to the big four banks and AMP.

Cloud & Infrastructure

Financial Institutions Must Adapt and Innovate or Be Left Behind

By Greg Watson | 13/09/2019

Outdated systems are preventing one in four Asia Pacific banks from investing in disruptive technologies, says Greg Watson, citing a recent Fenergo survey.

Conduct, Culture & Accountability

AFCA Clarifies How it Will Assess Legacy Complaints

By Editors | 12/09/2019

AFCA ombudsman Shail Singh says legacy complaints will be assessed against laws, industry practices and applicable standards in force at the time of the misconduct.

Supervision & Enforcement

SFC Fines HSBC HK$2.1m for Phone Recording Failures

By Editors | 11/09/2019

Voice recording was inadvertently not enabled on some private banking service lines, resulting in over 5,800 client order instructions not being tape-recorded.

Anti-Money Laundering

AUSTRAC Order A$250,000 Fine Against Compass Global Holdings

By Editors | 11/09/2019

AUSTRAC says Compass Global Holdings failed to report international funds transfers between 2018 and 2019.

Trading & Investment

KiwiSaver Reform is Key to Boosting NZ Capital Markets: Report

By Editors | 10/09/2019

Sponsored by the FMA and NZX, an industry working group has recommended changes to the KiwiSaver scheme, saying it will become the predominant pool of retirement savings over time.

Supervision & Enforcement

Tribunal Overturns SEBI Order Banning PwC from Auditing

By Editors | 10/09/2019

The Securities Appellate Tribunal cited a lack of evidence against PwC, and said SEBI had no jurisdiction to impose the ban in the first place.

Anti-Money Laundering

Malaysia Association Joins APAC RegTech Network

By Editors | 10/09/2019

The APAC RegTech Network was established by the regtech committees of the fintech associations of Hong Kong, Japan and Singapore in May.

Trade Based Money Laundering

Singapore: New Platform Targets AML Risks in Trade Finance

By Editors | 09/09/2019

The new electronic platform enables banks to obtain and reference data derived from trade permits issued by Singapore Customs to augment their trade finance compliance checks.