Asiaciti Trust failed to put in place adequate procedures to establish source of wealth, and did not inquire into unusually large transactions by customers who were PEPs.
July 23, 2020The HKMA is looking to address a lack of conduct requirements for trust businesses used by banks and their subsidiaries for wealth management purposes.
July 13, 2020Twenty firms, including banks and brokers, will set up a new entity to manage the estimated 1.7tr won in assets frozen by Lime Asset Management since October.
June 11, 2020The OTC derivatives licensing regime will not capture corporate treasury activities of non-financial groups, portfolio compression services, and certain portfolio management activities.
June 10, 2020While a series of exemptions for foreign financial institutions have been granted, the new requirements only allow 30 days for full implementation on 7 June.
May 10, 2020The licensing rules reflect the cancellation of a $1bn asset threshold previously required of foreign financial institutions that invest in domestic trust companies.
April 16, 2020When 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, 2020The first document is for banks, insurers, money services businesses and payments providers. The second is for NBFIs and DNFBPs, including lawyers, accountants, casinos, real estate agents and trust companies.
January 3, 2020The special inspections will reportedly involve 75 banks in 30 cities, scrutinising all aspects of property-related loans, as regulators seek to rein in risk.
July 24, 2019CBIRC chairman Guo Shuqing says 12 new measures will soon be introduced to further open up China's financial sector to banks and insurers.
May 2, 2019