10/11/2018
SFC fines up 200% this year
“The multiplier approach was adopted in that case to ensure that the penalty was proportionate to the misconduct, in order to achieve the intended deterrent effect,” Atkinson said.
Legal, Regulation & Compliance
10/11/2018
China issues rules for online financial bodies to battle money laundering
Earlier on Wednesday, the People's Bank of China said it would improve its supervision mechanism for fighting money laundering and for countering terrorism financing.
10/11/2018
Islamic Development Bank plans $1b infra funds focused on Asia, Africa
“This is a new policy of the IDB in terms of putting a focus on thematic areas, whether its infrastructure, science and technology or other areas.”
10/10/2018
Malaysia says it will honour 1MDB interest payment to Abu Dhabi fund
The interest charge is owed to an Abu Dhabi fund as part of a resettlement package related to troubled state fund 1Malaysia Development Berhad, The Malaysian Insight news site said on Tuesday (Oct 9).
10/10/2018
CBA to refund ‘unauthorised fees’ charged to deceased customers
Charging unauthorised advice fees to deceased estates is unacceptable.
10/10/2018
Financial watchdog SFC vows to stamp out ‘fake’ stockbroker trading accounts
Deputy chief executive warns it will not hesitate in taking stiff enforcement action against perpetrators as well as the firms and individuals who participate in such arrangements
10/10/2018
Banks to stop charging dead, support grandfathering ban
The practice of charging dead customers and the scale of the fees-for-no-service rort was revealed during the royal commission's April hearings on financial advice.
10/10/2018
Rothschild Trust Poised for MBO?
The move wouldn't entirely surprise, given that wealth managers have increasingly separated themselves from trust arms for governance reasons in recent years.
10/10/2018
ASIC bans Spectrum Wealth adviser
Mehra didn't compare the features and costs of any existing insurance recommended to clients and base his judgements on the clients' relevant circumstances, ASIC said.
10/10/2018
Gov't Pledges to Support Companies Affected by New Offshore Regulations
The institute also pointed out the bill is still waiting to be discussed and approved by the Legislative Assembly
10/09/2018
Asean — looking to boom
Looking at GDP growth of the Asean-5 — Indonesia, Malaysia and Philippines have been experiencing fairly high and stable growth.
10/09/2018
RCBC partners with KB Kookmin Bank
According to the agreement, both banks will establish “mutual cooperation for maintaining and increasing corporate customer base,” among others.
10/09/2018
SFC bans a former employee of Bank of China for life
The transfers were made purportedly to settle trades conducted in the securities accounts in the name of Lok’s niece and nephew-in-law when in fact the trades were Lok’s own trades.
10/09/2018
Monetary Authority of Singapore Posts Finalists for 2018 Fintech Awards
MAS says that past finalists at the Global FinTech Hackcelerator and the FinTech Awards have benefitted from the exposure and connections made as a result of their participation.
10/09/2018
The importance of international co-operation
Speech by Megan Butler, Executive Director of Supervision - Investment, Wholesale and Specialists at the FCA, delivered at The Pan Asian Regulatory Summit 2018, Hong Kong.
10/09/2018
Asia is “increasingly relevant” to Guernsey
Business is particularly strong in litigation, corporate and finance work, he said, while funds business is “bubbling up steadily”.
10/09/2018
Standard Chartered said to prepare for $1.5bn fine over Iran
Allegations of allowing customers to violate Iran sanctions said to date from at least five years ago
10/09/2018
Singapore eases rules for robo-advisors
This is on the condition that they put in place measures to mitigate the risks of providing unsuitable investment recommendations due to limited client information.
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".
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