Managers of Wealth Asia Pacific

Mega bank mergers and the future of reforms

For a while it seemed the Modi government had a reforms plan for the banking system. But now it is left with mere optics

SFC issues further reminder regarding paragraph 12.5 self-reporting obligation

It has recently come to the SFC’s attention that some intermediaries have not promptly reported breaches of or non-compliance with various legal or regulatory requirements to the SFC

BVI Update - New Visa Exemption Order for Chinese Nationals

These letters must be addressed to the exempted persons, stating their work title, date of expected arrival, the duration of their stay and purpose of their visit and the amount of the fees charged or to be paid to anyone to be exempted .

Schroders and UOB AM join fund passport scheme

Seven fund managers have joined the cross-border Asean Collective Investment Scheme since it opened in 2014.

Guernsey connections explored in Hong Kong

Trident Trust launched the Guernsey element of its global fund administration business in 2004, after it received a request from its Hong Kong office to administer a Cayman fund structure.

Leading offshore law firm advises Singapore family office on £180m London property deal

Working alongside onshore counsel Clifford Chance, the firm advised on all Jersey legal and regulatory aspects of the purchase, which was completed by way of acquisition of a Jersey Property Unit Trust (JPUT).

SFC bans a former relationship manager of HSBC for 12 months

The customer data leakage was immediately detected by HSBC’s email monitoring system before Ngo joined another bank in a similar capacity the following day.

Few countries are pricing carbon high enough to meet climate targets

New carbon pricing initiatives in some countries, such as China’s emissions trading scheme and renewed efforts in Canada and France to price carbon, could significantly reduce these gaps.

Politician arrested in London for ‘money laundering’

The couple allegedly controls a UK property portfolio with more than 8 million pound for which they appear to have no legitimate source of income.

Singapore’s new investment fund structure gets thumbs up

The move comes a year-and-a-half after MAS, the city state’s central bank and capital market regulator, held a month-long public consultation on the plan in March 2017.

Indonesia woos millennials with 7.3t rupiah of online retail savings bonds

Nearly 80 per cent of the 21,672 investors were new, with about 41 per cent of them aged 18 to 38 years, which the ministry categorised as "millennials".

Former Macquarie advisers banned

The corporate regulator's new Financial Services and Credit Panel found Landau and Campbell had deliberately engaged in conduct that was dishonest and involved knowing and willful contraventions of law.

Trade wars step up, more to come

China may bide its time, but we expect they will follow with tariffs on a further $60 billion of imports from the US.

India's Bank of Baroda, Vijaya Bank and Dena Bank to be merged

Bank of Baroda, Vijaya Bank and Dena Bank to be merged to for country's third largest bank

AMP admits it kept charging more than 4,600 dead people for life insurance

Royal commission told $1.3m in premiums was charged to super customers AMP knew had died

Investors hope central banks will extend a rescue line to ailing emerging markets

The pressure to hike will be particularly strong for Brazil and SA, both of which have seen their currencies plunge this year

Investigators home in on Deutsche Bank exec's 1MDB role

The Monetary Authority of Singapore has also quizzed Deutsche Bank about the extent of Ms Tan's involvement with the 1MDB account

ASIC takes Dover, McMaster to court

The Protection Policy purported to be 'designed to ensure that every Dover client get [sic] the best possible advice and the maximum protection available under the law.'

ASIC commences civil penalty proceedings against ANZ

ASIC is seeking a declaration that ANZ breached its continuous disclosure obligations and a pecuniary penalty order.

Hong Kong Monetary Authority announces launch of Faster Payment System

It enables the public to transfer funds anytime, anywhere, across different banks

Legal, Regulation & Compliance