Managers of Wealth Asia Pacific

UniCredit China Employee Embezzled $15mn of Client Money

The employee allegedly used a group supervisor’s password to access the funds, which were used to buy apartment units in the US, Greece and Japan.

India pension scheme gains popularity among NRIs

The government’s national pension system is extended to overseas citizens

India requests bank details of those named in SwissLeaks

SwissLeaks put him in sixth place among Indiansexternal link stashing money with HSBC Geneva ahead of India’s richest man Mukesh Ambani ($26 million) and his brother Anil Ambani ($26 million).

China's first village bank for investment management gets nod from regulators

At present, the Changshu-based rural lender has invested in 30 village banks in provinces such as Hubei, Jiangsu, Henan and Yunnan.

Wells Fargo unloads retirement-plan unit for $1.2 billion

The decision to exit the retirement-plan business also comes as Wells Fargo deals with reputational problems, legal costs and unprecedented sanctions.

Most Asian units inch up, but global growth worries remain

Data from China on March inflation, trade and lending is due later this week, and minutes of the last U.S. Federal Reserve meeting are expected on Wednesday.

Government bans superannuation funds treating employers

Discounts, allowances, rebates or credits in providing goods or services to the employer or their associates are also banned.

CBA, ASIC move to resolve AFSL conditions

The compliance breaches identified were failures by CBA to meet strict deadlines

Inquiry recommends against franking credit removal

The inquiry into Labor’s policy to remove refundable franking credits has recommended against its removal.

Banks should come out of their silos and deploy new tech

It is a fact that fighting financial crime is costly and difficult.

Chinese Investors Look to Greece for Controversial ‘Golden Visas’: Report

Nearly 60 percent of the visas granted since January 2018 have gone to Chinese investors, while visas granted to Turkish investors have also risen sharply over that period, the New Zealand-based media outlet reported.

FSA and ASIC agree to strengthen cooperation post-Brexit

The FCA and ASIC also support the continuity of existing equivalence decisions to provide certainty to businesses post-Brexit.

The impact of China’s new Foreign Investment Law

This bulletin analyses some of the open questions.

Duterte has ill-gotten wealth? File charges, Panelo says

Panelo, who is also Duterte’s chief legal counsel, stressed that the law only required public officials to “file” and not to “explain” increases in their income.

Responsibility boundary among asset management players

At the heart of the investor suitability obligation is the prohibition on asset management firms against recommending high-risk products to investors of low risk-bearing capacity, where there is a mismatch between the risks and their capacity.

Gam moves to limit bond fallout in Asia

Asia head Rossen Djounov explains Asia-Pac damage control, lessons learned and the firm’s regional plans.

Tech giants face fines of up to $1m for failing to remove fake news under new Singapore law

It will also force tech platforms to disable fake accounts operated by bots and block advertisements on fake news sites, thereby cutting off their revenue streams.

Malaysian ex-PM pleads not guilty in graft trial

It is just a fraction of the hundreds of millions of dollars that he allegedly stole.

Philippines news site chief pleads not guilty to tax evasion charges

The Department of Justice in October indicted Ressa, and online news platform Rappler (www.rappler.com), for attempting to evade taxes by not reporting gains of almost $3 million in the company’s 2015 tax returns.

Outlook for 2019: cross-border M&A and post-merger integration

Unfeasible expectations can dampen or even derail the transaction.

Legal, Regulation & Compliance