Managers of Wealth Asia Pacific

Financial Regulation: Weekly Update

Covid-19: Government launches financial industry recruitment scheme

MAS Looks to Extend Debt Relief Program

The Singapore government has pledged more than $100 billion in Covid-19 related relief to mitigate the extent of the economic downturn resulting from the virus outbreak.

MAS in Talks with Banks on Extending Relief for Borrowers

A tiered approach is said to be under consideration, so that relief is targeted to those needing the most help. Details of the plan and what types of borrowers would be covered under an extension are still being finalised, Bloomberg sources said.

HKEX Launches Five New MSCI Futures Contracts

A six-month 100 percent trading fee waiver has also been applied to all MSCI Taiwan and MSCI Singapore contracts traded on HKEX.

As bank giant's shares sink to new low, HSBC to face class action over money laundering claims

Class action lawsuits allow multiple claims against a single defendant.

Chinese investors, beware: EU vows to take aim at ‘golden visas’ programmes

Such passports, which some countries issue in return for investments, are popular because they provide freedom of movement among all EU nations

44 Indian banks reported to watchdog for large suspicious transactions

Records show there are cases where ‘suspicious transactions’ have been carried out through the international payment gateway of foreign banks, said the paper.

India regulator mulls measures to lower bond fund redemption risk, report says

The report did not provide more details or provide a timeline for the measures. Spokespersons for Sebi did not immediately respond to questions from Asia Asset Management.

Thailand securities regulator seeks investigative power, report says

"The proposed amendment is expected to be submitted to the SEC's board of directors, then to the finance minister during the first quarter of next year,"

Thailand: BOT to Revamp Banks’ Reporting Requirements

The reforms will seek to adjust the reporting format to align with international standards, thereby reduce data processing steps for financial institutions and the costs associated with reporting, while increasing reporting efficiency.

Westpac and AUSTRAC reach agreement on AML/CTF civil proceedings subject to Federal Court approval

Westpac Group Chief Executive Officer, Peter King, said: “I would like to apologise sincerely for the Bank’s failings.

Hong Kong company director arrested on suspicion of laundering HK$400 million

Woman’s bank accounts linked to alleged money laundering by family of five taken into custody two weeks ago, customs says

China awards new QDII quotas

The fresh quotas are the first for 18-months as the renminbi enjoys a period of strength.

AUSTRAC and Westpac agree to proposed $1.3bn penalty

Our role is to harden the financial system against serious crime and terrorism financing and this penalty reflects the serious and systemic nature of Westpac’s non-compliance,”

ASIC restricts certain retail offers of ‘stub equity’ in takeovers to maintain investor protection

ASIC Commissioner Cathie Armour said the changes would protect retail investors.

Former director charged with making false statement

The matter was mentioned on 22 September 2020

Calastone increases Southeast Asia footprint to automate fund trading via APIs

The funds industry in these markets continues to evolve and we feel privileged to be able to help elevate technology adoption to address challenges raised by the pandemic and to come into line with global digital development.”

European Commission Grants 18 Months Equivalence to UK CCPs

The European Commission says the decision will give financial market participants time to reduce their “excessive” exposures to UK-based CCPs.

Japanese bank makes major voting blunder

The company uses a tallying system dubbed forward processing, in which a postal office will issue a "certificate of delivery" on the date that votes are delivered, with JaSt tallying votes with respect to the date indicated on the certificate.

How the FinCen Papers provide an opportunity to improve the Suspicious Activity Report (SARs) regime

Buzzfeed has had these SARs for over a year.

Legal, Regulation & Compliance