04/17/2018
Winsome Group's Jatin Mehta is next; ED cracks UAE authorities to get evidences in hand
In mid-2016, the ED had asked Dubai to expedite its response to India's letters rogatory (LR) relating to Mehta's Winsome group.
Legal, Regulation & Compliance
04/17/2018
Falcon Private Bank ordered to pay CHF 1.8 million to Finma
While the court acknowledged Falcon’s severe due diligence violations, the ruling can still be appealed at the Federal Court.
04/17/2018
Labuan IBFC Launches Gulf Roadshow Showcasing Unique Shariah-Compliant Solutions and Structures for Businesses and Families
As a key element in Malaysia’s offering in Islamic financial services, Labuan IBFC’s leadership in Islamic finance is entrenched, and as home to the world’s first Sukuk, the jurisdiction continues to innovate in the space of Islamic fina
04/17/2018
AMP admits it misled Oz regulator ASIC multiple times as advisory scandal hits sector
“I think there are reasons to be concerned. I think they show a culture that’s not as robust as it should be.”
04/16/2018
AMP admits to serious misconduct in RC submissions
AMP made a series of acknowledgements of possible contraventions of the Corporations Act and the ASIC Act in relation to fees for no service.
04/16/2018
Three major banks are up for sale. Who will buy them?
Their eventual buyers could alter the face of the Pakistani banking system. Who has the cash, knowledge, and desire to pull this off?
04/16/2018
Regulators turned a blind eye to 'inherent conflict' for two decades
Westpac was somewhat slower to get on board, but in 2002 it snapped up Rothschild's local funds management business for $323 million, and then forked out $900 million to buy most of BT Financial Group.
04/13/2018
Pakistan allows Bank of China to settle transactions in yuan
The country’s bilateral trade deficit with China widened to $12bn in the fiscal year 2016/17 from $4bn in 2012/13.
04/13/2018
CBA advice failures unacceptable: Comyn
ASIC found the advice firms failed to provide, or failed to locate evidence regarding the provision of, annual reviews to the customers.
04/12/2018
Excel Partners uses onshore assets to borrow foreign money
Excel’s legal counsel was Baker McKenzie FenXun, the joint operation office established by Baker McKenzie and FenXun Partners in Shanghai Free Trade Zone.
04/12/2018
ASIC fees to more than double
Industry funding ensures that the costs of regulation are borne by those that have created the need for it, rather than the Australian public.
04/12/2018
Cryptocurrency service providers now regulated: AUSTRAC
AUSTRAC chief executive officer Nicole Rose said the new regulation will instill public confidence in the fledgling sector.
04/12/2018
PNB fraud: CBI questions 3 officials from Indian banks' branches abroad
The scam, which reportedly began in 2011, was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies
04/12/2018
IC approves Fullerton’s buyout of 2 PH HMO firms
Based on the business plan submitted by Fullerton Health, the existing management team of Asalus and Avega will continue to form the core leadership in the Philippines.
04/11/2018
Singapore central bank works on guide to avert data misuse
The central bank is working with key financial industry stakeholders, including banks, insurers and asset managers, on the guide, which will be ready by the end of the year.
04/11/2018
Japanese banks to gain easier access to Hong Kong currency
Central banks' settlement system link paves way for JGBs as collateral
04/10/2018
HSBC to expand further in China, cut red tape under new management team
Tucker, who took over as chairman last October, has already cut the lender’s board from over 20 people down to 14
04/10/2018
ASIC slaps fines on Spaceship and its trustee
Spaceship trustee Tidswell Financial Services was expected to supervise the fund's promotion, ASIC said.
04/10/2018
US pension funds in CBA class action
Phi Finney McDonald director, Odette McDonald said their class action is therefore open to a greater number of investors.
04/10/2018
Singapore activates three new Automatic Exchange of Financial Account Information relationships
AEOI deals with the challenge of taxpayers operating cross-border but tax administrations remaining confined to their national borders, by providing an open international architecture.