02/19/2020
People’s Bank of China Fines Three FIs, 24 Officers for AML Compliance Failures
Huatai Securities was fined CNY 10.1 million, while four of its officers were fined amounts between CNY 35,000 and 45,000.
Legal, Regulation & Compliance
02/19/2020
Korean banks and others face FSS probe, lawsuits over Lime fund fiasco
Woori Bank is the biggest seller of the affected funds followed by Shinhan.
02/19/2020
Hong Kong's strong fiscal reserves can support measures to help citizens and businesses ride out the storm, KPMG proposes
Distribution of HK$10,000 electronic consumption vouchers to local residents will effectively stimulate the economy
02/19/2020
Indonesia urged to create unemployment insurance scheme
The government is preparing the bill as a part of its efforts to ease doing business and eventually attract more investment to jack up economic growth.
02/18/2020
MAS Issues Guidance on Investment Suitability, Pricing in Private Banking
MAS expects financial institutions to benchmark themselves against the desired outcomes set out in the paper
02/18/2020
Singapore Regulator Backs Coronavirus Relief Efforts
The regulator’s note follows a series of announcements made by major lenders to demonstrate financial flexibility and economic support for the city-state.
02/18/2020
UBS AM brings three more funds in China
Separately, around 10 PFM products managed by foreign managers have less than RMB 5m ($715,000) in assets, according to a Z-Ben report.
02/18/2020
Australian watchdog slaps lifetime ban on Macquarie adviser
Acworth is not of good fame and character to provide financial services
02/17/2020
China’s monetary authorities to keep bank credits on tap to help companies survive the business slump caused by the coronavirus outbreak
Companies that can restart production as soon as possible will receive the support of the People’s Bank of China, to the extent that a “small increase” of non-performing loans owed to banks will be “tolerated”
02/17/2020
OECD Equity Market Review of Asia
Today more than half of the world’s listed companies are from Asia.
02/17/2020
Developments in Private Wealth and Estate Planning for People’s Republic of China Citizens and Residents
More than 80% of family enterprises in China are still controlled by the first generation of wealth creators and a massive transfer of assets to the second generation is just getting started.
02/17/2020
ASIC relieves smaller not-for-profits and charities from whistleblower policy requirement
Given that not-for-profits and charities often operate under the structure of a public company limited by guarantee, concerns were raised that it would be too onerous to require these entities to comply with the mandatory whistleblower policy requirement.
02/14/2020
McKinsey: Asian Banks Face Extinction
In the last few years, Asia has become a major engine of growth for the global banking industry, generating pre-tax profits in excess of US$700 billion in 2018 alone.
02/14/2020
SMSF auditors in firing line
The regulator said he also issued an audit report in an incorrect form, and did not obtain signed financial statements.
02/13/2020
DIFC Welcomes Maybank
Currently, Maybank Islamic joins more than 2,300 active registered companies that have chosen the DIFC as their preferred location of choice
02/13/2020
Malaysia's largest Islamic bank launches first overseas branch in Dubai
With Dubai being a leading Islamic economic centre, it was timely for Maybank Islamic to be here to tap into the increasing demand for financing in the global halal economy"
02/13/2020
POBA and CalSTRS establish a US property-focused joint venture
A CalSTRS spokesperson verifying the report with Asia Asset Management, notes that CalSTRS began to work with POBA in 2018
02/12/2020
Tax exemptions granted for UAE sovereign infrastructure investments in India
In the future, other sectors may be identified for tax exemptions by the Indian government.
02/12/2020
Australia: Corporate residency rules; issues arising under sole-incorporation test
The Board of Taxation opened a consultation concerning potential reforms to the corporate tax residency rules.
02/12/2020
Creditors Swoop on Indian Tycoons’ Rolls Royce, Island Mansion
Some tycoons have held assets through arcane webs of holding companies, which has complicated creditors’ efforts to recover funds.