02/21/2019
Standard Chartered sets aside $900m for fines in US and UK
Emerging markets bank says funds will be used for ‘previously disclosed investigations’
Legal, Regulation & Compliance
02/20/2019
Australia's major political parties have been hacked months out from a federal election, Prime Minister Scott Morrison reveals
Just two weeks ago, the Australian Cyber Security Centre identified a malicious intrusion into the Australian Parliament House computer network.
02/20/2019
Modi gets $4bn from India’s central bank before elections
The RBI dividend will help Modi’s government partly bridge a budget gap and could be key to funding an income support programme for farmers ahead of a national vote due by May.
02/20/2019
Accountant banned for bad SMSF advice
ASIC also determined that by recommending her accountancy practice - Saber Accountants - prepare the annual accounts and tax returns for SMSF clients, she had effectively recommended the services of a related party so as to earn extra revenue for herself.
02/20/2019
ASIC the enforcer: Regulator reveals raft of investigations in the works
ASIC has revealed it is currently working on almost 40 cases including prioritised work on 11 specific referrals from the Royal Commission in relation to eight entities.
02/20/2019
Hong Kong’s financial services to gain from new cross-border services, says HKMA chief executive
Hong Kong Monetary Authority chief executive Norman Chan says he will work with the PBOC to lay ground for cross-border mobile payments and other services
02/20/2019
US wealth manager Focus sees a bright future in Escala
The transaction is expected to close in the second quarter of 2019, subject to customary closing conditions.
02/20/2019
HSBC warns on China, UK slowdowns as 2018 profit disappoints
The results spoke to a wider problem for European banks, which are struggling to return to growth after a decade of post-crisis restructuring due to a worsening global economic outlook.
02/20/2019
Winning Chinese clients' trust
Designing a trust structure for Chinese clients requires more than just technical trust knowledge.
02/20/2019
Mourant Hong Kong a leading offshore firm in Asia
The recognition follows hot on the heels of the team's success at the China Business Law Journal Awards
02/19/2019
MAS Enhances Supervisory Toolkit Governing Fund Managers
The ongoing push for more transparency and disclosures across fund managers and funds have exerted a downward pressure on fees
02/19/2019
Hong Kong Empowers FRC as Independent Auditor Oversight Body
Hong Kong has gazetted an Amendment Ordinance empowering the Financial Reporting Council as an independent oversight body for the HKICPA and auditors of listed companies.
02/19/2019
Goldman will learn and rebound from 1MDB scandal: CEO
Solomon says bank will use 'different lens' when doing business in emerging markets
02/19/2019
Sports Deal Gone Sour Sends Ripples Into a $3.3 Trillion Market in China
Merchants Bank issued WMP to funnel money to MP & Silva deal
02/19/2019
The future of Cayman vehicles in Asian structures
Cayman Islands entities, when incorporated into a structure, can assist businesses compete for and service an international client
02/19/2019
SFC Fines Guosen Securities $1.94mn for AML Breaches
The SFC’s investigation revealed that between November 2014 and December 2015, Guosen had processed 10,000 third party deposits totalling approximately $5 billion for more than 3,500 clients.
02/18/2019
Senate Passes Bill Empowering ASIC to Pursue Harsher Penalties
The bill increases the maximum prison penalties ASIC can pursue to 15 years, for serious offences including breaches of director’s duties, false or misleading disclosure and dishonest conduct.
02/18/2019
Big Four Auditors Face Parliamentary Scrutiny in Australia
The risk here, of course, is that the big four audit firms now fail to fearlessly scrutinise the accounts and risks of the corporations that they audit
02/18/2019
European bank eyes PH operations
Several foreign banks have shown interest to open either a branch or subsidiary in the Philippines
02/18/2019
Super reforms hit AMP wealth management arm
The move would result in about $10 million of lost earnings to AMP's wealth management business in the 2019 financial year