05/09/2018
Ombudsman investigating Paolo Duterte wealth
The Office of the Ombudsman is currently conducting an investigation on the reported ill-gotten wealth of resigned Davao City Vice Mayor Paolo Duterte, the son of President Rodrigo Duterte.
Legal, Regulation & Compliance
05/09/2018
China to tighten rules on banks' wealth management business - sources
China is in the third year of an ambitious campaign to reduce risks in its financial system stemming from a rapid build-up in debt, which the Bank for International Settlements has warned could lead to a banking crisis.
05/09/2018
Crowe Horwath International announces global rebrand of all member firms
Crowe will thrive in a rapidly changing world through our clear strategic vision, new common brand and the commitment of our members.
05/09/2018
Law firm Quinn Emanuel files class action against Australian wealth manager AMP
“The class action alleges that, amongst other things, AMP breached its continuous disclosure obligations and made misleading statements, causing shareholders significant loss,”
05/08/2018
With FATF deadline looming, Pakistan faces challenges to curb money laundering: Report
A president of a private bank in Karachi believes if Pakistan got placed on the grey-list it would make it very difficult for the country to borrow on international markets
05/08/2018
ASIC drags NSW adviser to court
Miller also continued to operate the bank account of CFS Corporation after it was deregistered, ASIC is alleging.
05/08/2018
Regulatory battle heats up over future of Japanese banks
Fukuoka Financial Group Inc has been wanting to buy Eighteenth Bank Ltd in Nagasaki prefecture and merge it with one of its three lenders, Shinwa Bank.
05/08/2018
Carey Olsen's Linda Lee recognised for offshore client service in Asia
Ms Lee's practice area focuses on cross-border M&A, corporate finance and corporate restructuring transactions throughout Asia as well as into Europe and the US.
05/08/2018
China penalises three banks for improper wealth management
Besides amending the regulatory standards for asset management services, the new rules address other relevant issues.
05/07/2018
Newsbreak: ‘National Bank of Abu Dhabi Malaysia to close this year’
The bank’s staff count at its sole office in Menara Maxis, Kuala Lumpur, has halved from around 40 last year, the person adds.
05/04/2018
Bangladesh open to out-of-court settlement over cyber heist
In one of the world's biggest cyber heists, the hackers stole the Bangladesh Bank money held at the New York Fed in February 2016
05/04/2018
Nomura: Remittances may take a hit from Kuwait deployment ban
He urged Filipino expats to come home.
05/04/2018
NAB Retreats From Wealth
Asian banks with scale and healthy cost-income ratio's have been keen acquirers.
05/04/2018
Australia's AMP denies modifying report, inquiry finding of criminal offense
AMP CEO Craig Meller and Chairwoman Catherine Brenner have both quit in recent weeks following disclosures that the firm misappropriated funds of thousands of clients over the last decade by charging them without providing advice, and that it repeatedly l
05/03/2018
Government announces overhaul of data landscape in Australia
The Consumer Data Right will be implemented first in the banking sector, followed by the energy and telecommunication sectors.
05/03/2018
Former Credit Suisse banker gets 4-year ban for dishonest conduct: MAS
Finance professionals who engage in dishonest conduct to frustrate the detection of such suspicious transactions must be dealt with firmly.
05/03/2018
S Korean prosecutors to examine Elliott deal with Samsung C&T
Investigation follows activist fund’s claim for compensation from Seoul
05/02/2018
The Australian Parliament introduces Asia Region Funds Passport
It is envisaged that the Passport will appeal to Australian fund managers looking to offer their products in participating economies.
05/02/2018
CBA ordered to boost capital until governance failings fixed
“Executives are gone, board members are gone. More will go,” Australian Treasurer Scott Morrison told reporters in Canberra when asked about the APRA report’s implications for the bank.
05/02/2018
New rules for asset management welcomed
Revised regulations mark end to the old era of financial regulatory arbitrage caused by outdated, inconsistent rules