09/28/2020
Chinese investors, beware: EU vows to take aim at ‘golden visas’ programmes
Such passports, which some countries issue in return for investments, are popular because they provide freedom of movement among all EU nations
Legal, Regulation & Compliance
09/28/2020
44 Indian banks reported to watchdog for large suspicious transactions
Records show there are cases where ‘suspicious transactions’ have been carried out through the international payment gateway of foreign banks, said the paper.
09/28/2020
India regulator mulls measures to lower bond fund redemption risk, report says
The report did not provide more details or provide a timeline for the measures. Spokespersons for Sebi did not immediately respond to questions from Asia Asset Management.
09/28/2020
Thailand securities regulator seeks investigative power, report says
"The proposed amendment is expected to be submitted to the SEC's board of directors, then to the finance minister during the first quarter of next year,"
09/28/2020
Thailand: BOT to Revamp Banks’ Reporting Requirements
The reforms will seek to adjust the reporting format to align with international standards, thereby reduce data processing steps for financial institutions and the costs associated with reporting, while increasing reporting efficiency.
09/25/2020
Westpac and AUSTRAC reach agreement on AML/CTF civil proceedings subject to Federal Court approval
Westpac Group Chief Executive Officer, Peter King, said: “I would like to apologise sincerely for the Bank’s failings.
09/25/2020
Hong Kong company director arrested on suspicion of laundering HK$400 million
Woman’s bank accounts linked to alleged money laundering by family of five taken into custody two weeks ago, customs says
09/25/2020
China awards new QDII quotas
The fresh quotas are the first for 18-months as the renminbi enjoys a period of strength.
09/25/2020
AUSTRAC and Westpac agree to proposed $1.3bn penalty
Our role is to harden the financial system against serious crime and terrorism financing and this penalty reflects the serious and systemic nature of Westpac’s non-compliance,”
09/25/2020
ASIC restricts certain retail offers of ‘stub equity’ in takeovers to maintain investor protection
ASIC Commissioner Cathie Armour said the changes would protect retail investors.
09/25/2020
Former director charged with making false statement
The matter was mentioned on 22 September 2020
09/25/2020
Calastone increases Southeast Asia footprint to automate fund trading via APIs
The funds industry in these markets continues to evolve and we feel privileged to be able to help elevate technology adoption to address challenges raised by the pandemic and to come into line with global digital development.”
09/25/2020
European Commission Grants 18 Months Equivalence to UK CCPs
The European Commission says the decision will give financial market participants time to reduce their “excessive” exposures to UK-based CCPs.
09/25/2020
Japanese bank makes major voting blunder
The company uses a tallying system dubbed forward processing, in which a postal office will issue a "certificate of delivery" on the date that votes are delivered, with JaSt tallying votes with respect to the date indicated on the certificate.
09/25/2020
How the FinCen Papers provide an opportunity to improve the Suspicious Activity Report (SARs) regime
Buzzfeed has had these SARs for over a year.
09/23/2020
MAS ‘Closely Studying’ Singapore Mentions in FinCEN Files
The SARs flagged bank clients in more than 170 countries who were identified as being involved in potentially illicit transactions.
09/23/2020
CBA, Macquarie face new $167m dirty cash allegations
Commonwealth Bank ended up copping a $700 million penalty as a result.
09/23/2020
ASIC Tells Fund Managers To Be True To Label
ASIC examined the appropriateness of the product labels used by the 37 managed funds and assessed whether the funds were described and promoted in a manner that reflects the underlying assets in terms of risk and liquidity.
09/23/2020
ASIC cleans up 'cash plus' funds
ASIC found 14 'cash' funds with $7 billion in assets had confusing or inappropriate labelling, resulting in changes to names, asset allocations or in one case, even a closure.
09/23/2020
Bursa Malaysia Derivatives Re-launches the 5-year Malaysian Government Securities Futures Contract
“Bursa Malaysia will continue to collaborate with the FMC, SC and Bank Negara Malaysia in market development initiatives to elevate and enhance liquidity and accessibility in the Malaysian financial market,”