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Emerging Prudential Risks
APRA Finalises Rule Revisions on Related Entity Exposures
By Editors | 21/08/2019
The revisions may make it more difficult for banking groups to fund offshore business, and force them to restructure or reconsider the relative value of certain group operations.
Anti-Bribery & Corruption
HK Court Orders Confiscation of HK$1.46m from Former UBS Exec
By Editors | 21/08/2019
The case relates to the 2017 conviction of a former UBS associate director for accepting over HK$1.4mn in bribes from a Shenzhen-based client.
Supervision & Enforcement
ASIC to Initiate Legal Proceedings Against Banks Within “Weeks”
By Editors | 20/08/2019
In addition to the 13 referrals from the royal commission, ASIC has been investigating “three times as many” case studies with a view to initiating legal proceedings in the new few weeks.
Fraud, Scams & Cybercrime
Unauthorised New Zealand Adviser Faces Lengthy Jail Term
By Editors | 20/08/2019
A New Zealand court has reportedly convicted an unauthorised financial adviser of 38 charges relating to a long-running fraud which funded a lavish lifestyle of private jets and jewellery.
Supervision & Enforcement
SFC, ICAC Formalise Cooperation Arrangement with MoU
By Editors | 20/08/2019
The MoU covers case referrals, joint investigations, the exchange and use of information, mutual provision of investigative assistance, and capacity building.
PEPs & Sanctions
The Long Arm of the Law
By Eric A. Sohn | 19/08/2019
Eric A. Sohn at Dow Jones Risk & Compliance discusses the US’ ability to restrict a firm’s access to correspondent banking services and its financial markets.
Market Risk
HKMA Adjusts Initial Margin Implementation Schedule
By Editors | 19/08/2019
The HKMA has adjusted its implementation schedule for the incoming requirements, taking into account the one-year phased extension announced by BCBS and IOSCO in July.
Anti-Money Laundering
Hong Kong Banks Under Scrutiny for Chinese Lending – Report
By Manesh Samtani | 16/08/2019
The HKMA has reportedly been investigating several Hong Kong lenders for financing large scale overseas asset purchases by Chinese conglomerates.
Supervision & Enforcement
SFC Fines Sincere Securities for Internal Control Failings
By Editors | 16/08/2019
The SFC and an independent reviewer identified deficiencies across 14 areas of Sincere Securities’ business operations and internal controls, resulting in a fine of HK$5mn.
Anti-Money Laundering
Singapore Crypto Sector Consults on AML/CFT Code of Practice
By Editors | 15/08/2019
The code was facilitated by MAS and developed in consultation with ABS by ACCESS, the Association of Cryptocurrency Enterprises and Start-ups, Singapore.
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