Financial Crime

KYC & CDD

The Rise of Digital Banks in Asia Raises Compliance Questions

By Claus Christensen | 16/07/2019

The entrance of FinTech and BigTech firms into banking is forcing incumbents to adapt, but it should not come at a cost to compliance obligations, writes Claus Christensen at Know Your Customer Ltd.

Market Abuse

SFC Fines Hong Kong Brokerage for Ineffective Short Selling Controls

By Editors | 16/07/2019

Glory Sun Securities has been fined HK$1.2m for failing to ensure compliance with short selling requirements. Two responsible officers and an account executive have also been suspended.

Conduct, Culture & Accountability

MAS Raises Conduct Concerns in Financial Advisory Sector

By Editors | 15/07/2019

The MAS has commenced a review of the disciplinary frameworks at financial advisory firms, with a view to eventually sharing best practices and developing further guidance.

Anti-Money Laundering

US Authorities Probe Deutsche Bank Dealings With 1MDB

By Editors | 13/07/2019

The DOJ probe is looking into whether Deutsche Bank failed to comply with US AML or foreign bribery laws in the course of raising $1.2bn for 1MDB in 2014.

Market Abuse

ANZ, Citi, Deutsche to Defend Against Criminal Cartel Charges in September

By Editors | 12/07/2019

The government accuses the banks of forming a criminal cartel to either “directly or indirectly” restrict the supply of ANZ shares or maintain the price of ANZ shares.

Supervision & Enforcement

ASIC Review Finds Widespread Mis-selling of Consumer Credit Insurance

By Editors | 12/07/2019

ASIC plans to take “significant enforcement action” against 11 lenders that inappropriately sold consumer credit insurance, and force remediation of over A$100m.

Anti-Money Laundering

OCBC to Speed Up Police Investigations with Automated Data Retrieval

By Editors | 11/07/2019

OCBC Bank and the Singapore Police Force are collaborating on a new project to reduce the amount of time it takes for investigators to access banking information to just 1-2 days.

Conduct, Culture & Accountability

UPDATED – Japan Post Vows to Compensate Customers for Mis-sold Insurance

By Editors | 11/07/2019

Some 93,000 cases were found where customers were left uninsured due to inappropriate sales tactics, paid double premiums, or were denied coverage for paid up insurance policies.

Credit Risk

ASIC Defends Responsible Lending Guidance

By Editors | 11/07/2019

ASIC says the proposed responsible lending guidance is not about increasing requirements; rather, it seeks to clarify and update guidance on existing requirements.