Financial Crime

Cloud & Infrastructure

FIs Need to Automate to Meet Tax Reporting Obligations – Report

By Editors | 06/05/2019

As tax reporting requirements grow increasingly complex, automation is making compliance cheaper, quicker and more efficient, says a new report from Regulation Asia and BearingPoint.

Credit Risk

RBI Must Disclose Bank Inspection Reports – Supreme Court

By Editors | 03/05/2019

The RBI has been ordered by the India’s highest court to disclose its annual banking inspection report, which contains sensitive commercial information of banks.

Cryptocurrency

Australia Cracks Down on Cryptocurrency Tax Evasion

By Editors | 03/05/2019

The Australian Taxation Office is collecting data from cryptocurrency exchanges to feed into its data-matching technology to identify tax evaders.

Conduct, Culture & Accountability

Westpacs Provision Extra A$510mn for Customer Remediation

By Editors | 02/05/2019

Misconduct linked to the issues identified by the royal commission could cost Australia’s four largest banks up to A$10bn.

Anti-Money Laundering

MAS Consults on Proposed Framework for Variable Capital Companies

By Editors | 02/05/2019

The proposals include an AML/CFT framework for VCCs requiring them to engage an eligible financial institution to perform the necessary checks.

Supervision & Enforcement

FSS to Relaunch Inspections of Financial Firms This Month

By Editors | 02/05/2019

The FSS will look into corporate governance, internal controls and consumer protection practices at KB Financial Group, KB Kookmin Bank and KB Securities, among others.

Fraud, Scams & Cybercrime

China Arrests 41 People Linked to Tuandai.com in P2P Crackdown

By Editors | 02/05/2019

Following the collapse of P2P platform Tuandai.com in March, Chinese authorities have arrested 41 people connected to the platform, including its owners.

Trading & Investment

Hong Kong, China Framework Comparison – Investment Suitability

By Prasanna Venkatesan | 01/05/2019

Synpulse’s Prasanna Venkatesan, Gregory Achache and Marina Mai compare the investment suitability frameworks of Hong Kong and mainland China, and their pain points.

Market Abuse

UPDATED – NSE Ordered to Pay Disgorgement in Co-Location Case

By Editors | 01/05/2019

NSE will also be prohibited from issuing an IPO and launching new derivatives products for six months. Two former managing directors also found to be guilty.