10/08/2018
ANZ cuts its profit forecast on $374m in compensation costs
ANZ said the bulk relates to customer compensation for "issues arising from product reviews" and "customers receiving inappropriate advice or for services not provided".
Legal, Regulation & Compliance
10/08/2018
China’s central bank to cut RRR for a fourth time
The move, an attempt to lessen the impact of US tariffs, should not result in pressure being placed on the yuan, the People’s Bank of China said
10/08/2018
FCA and SFC sign MoU on United Kingdom-Hong Kong Mutual Recognition of Funds
The MoU also establishes a framework for exchange of information, regular dialogue as well as regulatory cooperation in relation to the cross-border offering of eligible Hong Kong public funds and United Kingdom retail funds.
10/08/2018
Fourth former NAB banker banned over alleged home loan fraud ring
This conduct was the subject of the first case study before the Financial Services Royal Commission.
10/08/2018
New Zealand introduces financial services code of conduct
Breaches can incur fines of up to NZ$100,000
10/07/2018
Singapore takes another shot at growing Islamic finance industry
New Shariah-compliant index launched to provide benchmark for Shariah-compliant funds looking to invest in Singapore
10/07/2018
NSW government continues to back wealthy foreigner visa program
In order to be eligible, investors need to be nominated by state governments and must show a "genuine and realistic commitment" to residing in that state.
10/07/2018
Maybank gets nod for CFS business in Singapore
MSL will operate as a subsidiary of the Maybank Group with Asian Currency Unit capabilities in Singapore.
10/07/2018
China slashes banks' reserve requirements to spur growth
Reserve requirement ratios (RRRs) - currently 15.5 percent for large institutions and 13.5 percent for smaller banks - would be cut by 100 basis points effective Oct. 15
10/05/2018
Maybank gets regulatory nod to locally incorporate retail business and SME banking in Singapore
The effective date for the transfer is set at Nov 5, 2018.
10/05/2018
Societe Generale to issue NT$1.6 billion green bond in Taiwan
The proceeds of the issuance will be used to fund renewable energy projects in Taiwan, including the successful project financing of the Formosa 1 Offshore Wind project, Taiwan's first commercial-scale offshore wind farm
10/05/2018
Luxembourg and Australia agree fintech pact
Both our jurisdictions are leaders in funds management and other financial services. ASIC is very interested in learning from the fintech and regtech innovations that are taking place in the Grand Duchy.
10/05/2018
Indian reforms may change banking
It is a source of great optimism that India is adopting digital technology at such a fast pace.
10/04/2018
Malaysian Ex-First Lady Nabbed
Since the 66-year-old's husband, Najib Razak, was voted out in May, they have suffered a stunning fall from grace and reckoning in the scandal surrounding 1MDB scandal.
10/04/2018
ASIC appeal convicts former CBA planner
The CDPP subsequently filed a notice of appeal against the sentence on the basis that it was "manifestly inadequate.
10/04/2018
Singapore legalises new fund management structure
The new bill enables fund managers to both manage and domicile their funds in Singapore.
10/04/2018
Indian Man In Singapore Faces Jail, Caning For Extortion From Bank
He allegedly threatened to publish a defamatory libel against the global head of digital banking at Standard Chartered Bank, unless he paid SGD 500,000.
10/04/2018
Value Partners’ robo firm loses licences
Value Partners Technology Systems no longer has its licences in Hong Kong after the regulator removed them last month.
10/04/2018
Global Financial Institutions Fined $26 Billion for AML, Sanctions & KYC Non-Compliance Since 2008 Financial Crisis
Over the past ten years, regulators across the US, Europe, APAC and the Middle East have levied nearly $26 billion dollars in financial penalties against financial institutions for AML/KYC and sanctions-related violations.
10/04/2018
Nomura looks to Paris as post-Brexit EU lending hub
Japanese bank joins global peers in moving some business to French capital