04/18/2018
Japan’s Mizuho pulled out of Qatar bond amid Gulf dispute
Qatar issued $12bn of bonds last week
Legal, Regulation & Compliance
04/18/2018
ASIC hits former NAB adviser with permanent ban
Separately, ASIC also noted that a former AMP-aligned adviser, Trevor Martin, was charged with 21 counts of dishonestly obtaining client funds.
04/18/2018
Former Macquarie exec guilty of money laundering, tax evasion
Also found guilty was Castagna’s cousin Robert Agius, a former accountant in the tax haven of Vanuatu, who conspired with Castagna to conceal the money.
04/18/2018
Australia says banking executives responsible for misconduct could face jail
In further testimony to the so-called Royal Commission on Wednesday, AMP executives admitted that it had charged users of online platforms for advice fees despite not receiving the permission required by law.
04/17/2018
FIA ‘finds’ no politician with property in UAE
Sources and officials privy to the development said that hundreds of Pakistani businessmen faced threats of investigations into their real estate assets in the UAE.
04/17/2018
Outgoing CEO name removed from critical AMP report draft
Hodge questioned whether Regan had considered it "ordinary" that the supposedly independent Clayton Utz report would necessitate regular exchanging of drafts and comments with AMP.
04/17/2018
Winsome Group's Jatin Mehta is next; ED cracks UAE authorities to get evidences in hand
In mid-2016, the ED had asked Dubai to expedite its response to India's letters rogatory (LR) relating to Mehta's Winsome group.
04/17/2018
Falcon Private Bank ordered to pay CHF 1.8 million to Finma
While the court acknowledged Falcon’s severe due diligence violations, the ruling can still be appealed at the Federal Court.
04/17/2018
Labuan IBFC Launches Gulf Roadshow Showcasing Unique Shariah-Compliant Solutions and Structures for Businesses and Families
As a key element in Malaysia’s offering in Islamic financial services, Labuan IBFC’s leadership in Islamic finance is entrenched, and as home to the world’s first Sukuk, the jurisdiction continues to innovate in the space of Islamic fina
04/17/2018
AMP admits it misled Oz regulator ASIC multiple times as advisory scandal hits sector
“I think there are reasons to be concerned. I think they show a culture that’s not as robust as it should be.”
04/16/2018
AMP admits to serious misconduct in RC submissions
AMP made a series of acknowledgements of possible contraventions of the Corporations Act and the ASIC Act in relation to fees for no service.
04/16/2018
Three major banks are up for sale. Who will buy them?
Their eventual buyers could alter the face of the Pakistani banking system. Who has the cash, knowledge, and desire to pull this off?
04/16/2018
Regulators turned a blind eye to 'inherent conflict' for two decades
Westpac was somewhat slower to get on board, but in 2002 it snapped up Rothschild's local funds management business for $323 million, and then forked out $900 million to buy most of BT Financial Group.
04/13/2018
Pakistan allows Bank of China to settle transactions in yuan
The country’s bilateral trade deficit with China widened to $12bn in the fiscal year 2016/17 from $4bn in 2012/13.
04/13/2018
CBA advice failures unacceptable: Comyn
ASIC found the advice firms failed to provide, or failed to locate evidence regarding the provision of, annual reviews to the customers.
04/12/2018
Excel Partners uses onshore assets to borrow foreign money
Excel’s legal counsel was Baker McKenzie FenXun, the joint operation office established by Baker McKenzie and FenXun Partners in Shanghai Free Trade Zone.
04/12/2018
ASIC fees to more than double
Industry funding ensures that the costs of regulation are borne by those that have created the need for it, rather than the Australian public.
04/12/2018
Cryptocurrency service providers now regulated: AUSTRAC
AUSTRAC chief executive officer Nicole Rose said the new regulation will instill public confidence in the fledgling sector.
04/12/2018
PNB fraud: CBI questions 3 officials from Indian banks' branches abroad
The scam, which reportedly began in 2011, was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies
04/12/2018
IC approves Fullerton’s buyout of 2 PH HMO firms
Based on the business plan submitted by Fullerton Health, the existing management team of Asalus and Avega will continue to form the core leadership in the Philippines.