Managers of Wealth Asia Pacific

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

Singapore to allow in-person meetings at financial institutions from June 2

The institutions will be able to have more staff on site to meet increased customer needs as some businesses re-open, and to service customers using both online and offline channels.

Thailand central bank governor won’t seek second term, report says

The news report quotes Mr. Rangsan as saying that candidates will be shortlisted by July 2.

China launches 5th central bank bill swap in 2020

Perpetual bonds are fixed-income securities with no maturity date and are not redeemable but pay a steady stream of interests forever.

US regulator settles with Ares

Ares Management LLC is a wholly-owned subsidiary of NYSE-listed Ares Management Corporation, which managed US $149 billion in assets under management at March end.

Legal, Regulation & Compliance