Managers of Wealth Asia Pacific

Australia regulator says coronavirus crisis may force superannuation fund mergers

Australian superannuation fund assets fell 7.77% to A$2.73 trillion (US$1.8 trillion) as of end-March 2020 from A$2.96 trillion at the end of 2019.

How Australia can improve its global fintech position

The most encouraging and crucial research findings are that Australia can substantially improve its fintech positioning in the world

ASIC contradicts key claims by embattled ME Bank

The Age and The Sydney Morning Herald last month revealed ME Bank had restricted withdrawals from mortgage redraw accounts at the height of the coronavirus pandemic without warning customers.

UK to extend Visa rights for Hong Kong’ers

Bonnie Glaser, Director, China power project at the Centre for Strategic and International Studies, said: “Ultimately we could see capital flight. We could see US businesses moving out of Hong Kong, expats leaving, and the end to Hong Kong as an int

Curbing money laundering

SCB agreed to settle OFAC’s claim for $132m regarding 911 transactions worth around $133m to or through the United States in violation of Iranian Transactions and Sanctions Regulations (ITSR).

RBI slaps ₹4 crore fine on Citibank

RBI said the statutory inspection of the Indian operations of the bank for its financial positions as on March 31, 2017 and March 31, 2018 and the Risk Assessment Reports (RARs) revealed contravention with the provisions of the Act and non-compliance with

Complaints abound during COVID-19: AFCA

Untersteiner urged financial firms to provide early, proactive communication with consumers following an increase in complaints relating to COVID-19.

ASIC bans Linchpin directors

ASIC found that the three directors failed to act in the best interests of the members of the Investport Income Opportunity Fund.

Sargon liquidators want to dig deeper

At the moment, its liquidators estimate there will be a $79 million shortfall.

Offshore Business Update: Appleby

The purpose of this report is to help our clients better understand what “business as usual” in our jurisdictions* actually means.

“Fairness Metrics” to Aid Responsible AI Adoption in Financial Services

These metrics will help financial institutions validate the fairness of their AIDA solutions in the two use cases.

World Bank approves $500-million loan to boost PH's pandemic response

The World Bank previously approved several financial packages to help the country in its coronavirus response.

Recognition and enforcement of Mainland judgments in Hong Kong

This article seeks to explain the requirements and processes of the enforcement of Mainland judgments in Hong Kong.

Australian regulator urges poorly performing pension funds to find buyers, exit industry

“For some the only way forward ... may be to exit the industry and pass on the trusteeship of their funds to others who are better equipped for the task.”

Asia Investment in the United States Preparation Brings Opportunities

This is especially true to the extent the initiative would help grow the US business in the US market and, through cooperative efforts with the Asia partner, enable a US company to expand its products and services in Asia markets.

Hong Kong regulator okays China A-shares leveraged and inverse products

The regulator didn’t specify the other indices that are now allowed.

India regulator mulls measures to lower fund redemption risks, report says

At present, a mutual fund is only required to have a minimum of 20 investors, and an individual investor can hold up to 25% of the net asset value.

Japanese FIs to Be Granted Easier Access to State Aid

The government will submit a bill to Parliament with a view to bringing the changes into force later this year.

Grow Super co-founder in alleged betting scandal

Grow did not name the other two employees who have stepped aside.

ATO cracks down on foreign investment

As part of its scrutiny of cross-border tax evasion, the Tax Office said it was reviewing schemes that involve foreign companies

Legal, Regulation & Compliance