All posts tagged "Internal controls"
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508ChinaCBIRC Issues New Rules for Insurers’ Asset Management Products
Insurance asset management products may not invest more than 35% of net assets in shadow banking assets, and may not invest in commercial banks' credit assets directly.
March 27, 2020 -
382EnforcementTaiwan FSC Fines Cathay Life for Lax Sales Controls
Cathay Life failed to improve its internal controls for sales agents and its insurance underwriting mechanism despite complaints from 14 customers.
February 20, 2020 -
280China
CBIRC’s New Rules for Trust Companies to Take Effect in March
When the measures take effect, a $1bn asset threshold required of foreign financial institutions to hold shares in domestic trust companies will be effectively cancelled.
February 11, 2020 -
338Hong KongSFC Offers Brokers, Fund Managers Guidance on Risk Governance
Senior management, including the board, responsible officers and MICs will be held accountable for the overall risk management control of their firms.
January 21, 2020 -
433EnforcementTaiwan FSC Penalises Taichung Commercial Bank for Lax Controls
The bank and its insurance unit were fined for lax controls on entertainment spending and for awarding bonuses to sales staff who hadn't sold any products, among other failures.
January 13, 2020 -
292ChinaCSRC Issues Administrative Penalty Against Chinalin Securities
Chinalin Securities is prohibited from expanding the scale of its business for three months for violating regulations on internal controls, compliance inspections and governance failures.
January 8, 2020 -
293ChinaPBOC Issues Clarification on Transfer of Defaulted Interbank Bonds on Maturity
The PBOC has issued an announcement clarifying how defaulted bonds should bThe announcement is aimed at improving the disposal mechanism for interbank bonds that have defaulted on maturity or have matured early due to legal reasons such as bankruptcy.e handled...
January 7, 2020 -
1.1KAML / KYC
CBIRC Tightens Scrutiny of AML/CTF Programmes at Banks, Insurers
Banks and insurers are required to submit annual reports on their AML/CTF programmes within 20 working days after the end of each year. For 2019, the reports should be submitted by 15 February 2020.
January 6, 2020 -
562EnforcementSFC Fines Fidelity Unit for Unlicensed Futures Dealing
FIL Investment Management executed over 6,700 futures trades for overseas affiliates without a Type 2 licence, and delayed reporting the breach to the SFC.
December 31, 2019 -
472Australia & NZAPRA Imposes Licence Conditions on CBA-owned Avanteos Investments
CBA-owned Avanteos Investments charged over 2200 deceased members adviser service fees for 15 years, resulting in a total financial impact of over A$6mn.
December 13, 2019
