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Conduct, Culture & Accountability
ACCC to Get A$35mn to Pursue Anti-Competitive Behaviour
By Editors | 18/12/2018
New specialist investigators are expected to bring more competition cases to court each year and boost prosecutions of criminal cartels, especially in the financial sector.
Anti-Money Laundering
Malaysia Files Criminal Charges Against Goldman Sachs over 1MDB
By Editors | 17/12/2018
Malaysian prosecutors have filed criminal charges against three Goldman subsidiaries and two former employees, seeking fines in the billions of dollars and jail terms of up to 10 years.
Anti-Money Laundering
AUSTRAC Publishes AML/CTF Guidance for Superannuation Sector
By Editors | 17/12/2018
While superannuation is not traditionally associated with financial crime exploitation, AUSTRAC’s risk assessment has rated the sector as medium risk.
Credit Risk
Rural Banks in China Found Hiding Bad Loans – Report
By Editors | 14/12/2018
China’s National Audit Office has reportedly found that five financial institutions concealed a combined $189mn in bad loans by misclassifying them as performing.
PEPs & Sanctions
Hong Kong Not Obliged to Enforce US Sanctions – Report
By Editors | 13/12/2018
Hong Kong is not obliged to enforce unilateral sanctions imposed by individual jurisdictions including the US, a senior official said in regards to Huawei’s alleged dealings with Iran.
Capital Adequacy
IMF Commends Hong Kong for Strong Buffers, Robust Policy Frameworks
By Manesh Samtani | 12/12/2018
Years of prudent macroeconomic policies and robust financial regulation and supervision will help Hong Kong weather possible domestic and external shocks, the IMF says.
PEPs & Sanctions
Hong Kong Asked to Bolster Sanctions Enforcement Amid Huawei Dispute
By Manesh Samtani | 11/12/2018
US officials have asked Hong Kong to bolster sanctions enforcement as Huawei’s deputy chairwoman stands accused of violating Iran sanctions through a Hong Kong shell company.
Cybersecurity
Australia Passes ‘Deeply Flawed’ Anti-Encryption Bill
By Manesh Samtani | 11/12/2018
The powers granted under the bill allow law enforcement agencies to compel access to encrypted messages, which could have broader implications for financial services.
Market Abuse
IT Consultant of Singapore Investment Bank Charged with Insider Trading
By Editors | 10/12/2018
The US SEC has filed charges against an outsourced IT contractor for trading on inside information while working at the Singapore branch of an investment bank.
Supervision & Enforcement
China Banking Regulator Fines Six Banks a Combined $22mn
By Editors | 10/12/2018
The CBIRC has fined six banks a combined 156.3 million yuan for breaching rules on wealth management products, lending, and misleading advertising.
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