11/02/2020
MAS bans 2 ex-bankers over fraud, dishonest conduct convictions
The orders against the duo took effect on Thursday, MAS said.
Legal, Regulation & Compliance
11/02/2020
Deadlock revisited in Chu v Lau: Winding-up on the Just and Equitable Ground
Update prepared by Justine Lau (Partner, Hong Kong) and Jennifer White (Senior Associate, Hong Kong)
11/02/2020
Bank of Korea to grow ties with Central Asian countries
The core point is that the BOK's outreach to Central Asia will serve as a building block for more Korea businesses to better export their financial infrastructures in areas such as stock transactions and credit-rating systems.
11/02/2020
Hong Kong proposes climate risk disclosure for fund managers
The paper outlines baseline requirements for all fund managers, and enhanced standards for those with more than HK$4 billion (US$512.8 million) of assets under management.
11/02/2020
Bill Winters: Hong Kong to Thrive From «Rule of Commercial Law»
"When our clients redistribute their supply chain into our other market out of China, that is a silver lining."
10/30/2020
Court freezes funds and suspends websites for suspected fraudulent investment businesses
The Federal Court also made orders to freeze all bank accounts associated with Maxwell Financial Services and Asset Capital Holdings and has restrained Mr Beresford from travelling outside of Australia.
10/30/2020
UK Regulators Fine Goldman Sachs International $126 Million for 1MDB ‘Failures’
The Financial Conduct Authority and the Prudential Regulation Authority said the firm allowed severe misconduct to go unaddressed.
10/30/2020
SFC Proposes New Requirements for Fund Managers on Climate Risk
Greenwashing is the tendency for some asset managers to market themselves as “green” or “sustainable” without fully integrate these factors into the investment process.
10/30/2020
HKMA Consults on Amendments to D-SIB Framework
Global G-SIB and D-SIB frameworks, on the other hand, use notional amounts of OTC derivatives to assess the complexity of banks
10/30/2020
HKAA Sanctions Impact ‘Relatively Muted’, For Now: IIF
With respect to foreign FIs, the HKAA specifies ten measures, including denial of access to loans, foreign exchange, banking transfers or payments, properties, financial technologies, and equity or bond financing from US institutions.
10/30/2020
Financial Crime Country Lists in a Fragmenting World Order
The scrutiny of the FATF’s lists has become a global preoccupation.
10/30/2020
Criminals use real estate transactions in PH to wash dirty money — anti-money laundering body
Racela cited as an example the Maute Group that attacked Marawi City and clashed with state forces in 2017.
10/29/2020
Impact of the new Foreign Investment Law and revised SAFE rules on downstream equity investments by foreign invested enterprises
There are restrictions on the use of capital received by investee companies from FIEs.
10/29/2020
Global UPI Adoption a Key Focus for DSB in Year Ahead
The new TAC Chair is Chris Pulsifer, Software Development Manager from Bloomberg LP, taking the helm from David Broadway, who until now has led implementation efforts and the subsequent rationalisation of workflows.
10/29/2020
Due Diligence Questions at the Dawn of the Era of Sustainability
Questions poured in, panellists shared their insights, thoroughly yet briskly, but our ‘hard stop’ left a number issues less-than-comprehensively explored – such is the breadth of the areas impacted and the depth of the interest shown.
10/29/2020
MAS Warns of Slow Recovery
The Singapore economy is expected to see a recovery in 2021, alongside receding disinflation risk, but the recovery trajectory is expected to be gradual and uneven, according to the Monetary Authority of Singapore's (MAS).
10/29/2020
HSBC reinforces commitment to Hong Kong, Asia despite geopolitical concerns
The bank itself has not been sanctioned, and experts think it is likely to escape the worst of the potential fallout from the U.S. sanctions.
10/28/2020
VOFF calls on ASIC for apology
“The aide memoire document was damning of ASIC and the FSAC [Financial Sector Advisory Council] recommended reform for ASIC, APRA and the Reserve Bank,”
10/28/2020
China Issues AML/CTF Guidelines for Microfinance Institutions
The guidelines impose obligations on practitioners to establish and improve AML risk management systems, internal control mechanisms and operating procedures.
10/28/2020
SC Malaysia Establishes Task Force to Combat Financial Scams
Malaysian nationals lost a total MYR 914 million (USD 220 million) to scams in the first six months of this year alone, he said.