Managers of Wealth Asia Pacific

Progress in the handling of banking complaints by HKMA

In June 2020, 282 cases were received and the handling of 199 cases was completed. As at end-June, the handling of 621 cases was in progress.

Top global banks risk breaching China law by complying with US

Retail and corporate banks with a big presence in Hong Kong such as Citigroup and HSBC could be more exposed to the risks from the bills especially on sizeable transactions done through local units, one of the people said.

China Warns of Surge in Bad Loans

In addition to weaker assets, the CBIRC also underlined the up to one-year lag in risk exposure due as banks can book interest income early even when actual repayment are delayed under new rules.

Woman jailed in $105m tax scam

The investigation revealed a group of people that used payroll services companies to divert pay-as-you-go withholding tax and goods and services tax owed to the ATO.

Global public debt to reach 101.5% of GDP: IMF

It said fiscal policy will need to remain supportive and flexible until a safe and durable exit from the crisis is secured.

India's Yes Bank to raise $2b via public offering

Bank is plotting next stage of its turnaround narrative through this move

How China’s Greater Bay Area wealth management connect could help millionaires move their money across borders

Cross-border banking partnerships seen as key to implementation

BSP ready to work with German regulators

Diokno has assured the local markets previously that the two local banks tagged in the Wirecard scandal

MAS Consults on Environmental Risk Management Guidelines for Insurers and Other Financial Institutions

This Legal Update will focus on the Guidelines as they relate to insurers.

Suspected fraudulent website : http://www.macauoscuhk.com

The HKMA has referred the case to the Hong Kong Police Force for further investigation.

Banks Readying for U.S.-China National Security Law Crossfire

Chinese banks were also reviewing internal operations and, in some cases, planning for the worst-case scenario possible from the new regime.

Indian bank PNB reports $491 million DHFL loans as fraud

Other banks including State Bank of India BOI.NS and Union Bank UNBK.NS have also reported DHFL's accounts as fraudulent.

Financial institution charged over Epstein scandal

In each of the cases that are being resolved today, Deutsche Bank failed to adequately monitor the activity of customers that the bank itself deemed to be high risk.

China Banking Regulator Names and Shames «Illegal Shareholders»

Another 10 companies were linked with Chengdu Rural Commercial Bank, controlled by Wu Xiaohui, the former chairman of the once high-flying Anbang Insurance who was sentenced in 2018 to 18 years for fraud, corruption and embezzlement.

Court hearing to confirm KPMG as oil trader ZenRock's judicial managers set for July 13

The company had about 100 employees globally, with about 60 of those based in the city-state.

SEC proposes amendment to PVD Act

The SEC has therefore proposed guidelines for amending the Provident Fund Act B.E. 2530 (1987)

Hong Kong’s Second Digital Bank Enters the Market

Airstar joins ZA Bank – backed by mainland insurer ZhongAn Online P&C Insurance and industrial firm Sinolink Group – as the two out of eight licensed virtual banks that have launched.

Foreign Firms Surrendering More Hong Kong Office Space

The rate of surrender jumped 55% in the second quarter from the first, to 577,000 square feet.

HSBC Exec Had «No Choice» But to Support Security Law

In addition to publicly expressed support from HSBC itself, Wong also individually supported the now effective legislation

Stability Key for Asia as Investors Look for Certainty

The Chinese government, for instance, unveiled its latest stimulus package worth at least 4.5% of GDP at the National People’s Congress on 22 May.

Legal, Regulation & Compliance