12/28/2023
Financial Scandals Run Amok in Asia
Numerous banks have been used by the suspects in some form including UBS, Deutsche Bank, Citi, CIMB, DBS and Bank of Singapore.
Legal, Regulation & Compliance
12/28/2023
MAS Imposes Civil Penalty of $3.9 million on Credit Suisse AG for Misconduct by its Relationship Managers
The RMs had provided clients with inaccurate or incomplete post-trade disclosures, resulting in clients being charged spreads which were above bilaterally agreed rates for 39 over-the-counter (OTC) bond transactions.
12/27/2023
Philippine pension fund SSS to cover contract workers at two government entities
The move will benefit around 160 port authority workers and 20 from the customs bureau.
12/27/2023
Singapore remittance clampdown: innocent funds caught in China’s anti-money-laundering crusade, experts say
Analysts warn of the complexities in distinguishing clean from ‘dirty’ money in frozen accounts
12/22/2023
Court finds Zurich did not breach duty of utmost good faith
ASIC Deputy Chair Sarah Court said, ‘ASIC took on this case to clarify the steps that an insurer must reasonably take before avoiding an insurance policy on the basis of fraudulent non-disclosure.
12/22/2023
Website and Internet Banking Login Screen Alert – Fraudulent website and internet banking login screen related to China CITIC Bank International Limited
The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions.
12/22/2023
Singapore Jails Director of 980 Companies
Deputy Public Prosecutor Janice See said that Xie did not conduct any due diligence beyond a simple online search.
12/22/2023
Warning on Scammers Impersonating as MAS Officers
Since January 2023, there have been at least 41 victims, with total losses amounting to at least $2.6 million.
12/20/2023
Singapore Curbs Frozen Chinese Funds via Remittance
Thereafter, MAS may terminate the suspension, extend it or take further measures.
12/20/2023
SFC reprimands and fines Central Wealth Securities Investment Limited $1 million for breaching Financial Resources Rules
Central Wealth’s failure to ensure the accuracy of the financial returns was mainly attributable to its failure to appoint qualified and competent persons to prepare and review the financial returns.
12/18/2023
Citi’s Onshore China Investment Bank Plans Delayed by Data Law
Citi targets to seek approval end of 2024 after tech buildout
12/15/2023
Conyers Recognised in Chambers Asia Pacific 2024 Guide with Four Ranked Lawyers
Four lawyers have been individually recognised for their expertise in this category.
12/13/2023
New rules for fund management companies in Singapore
An FMC must conduct substantive fund management activity for all its segregated mandates and funds.
12/13/2023
ASIC bans former Newcastle adviser for five years
On 6 December 2023, Mr Mink withdrew his application for stay and confidentiality orders.
12/12/2023
APRA moves to reinforce requirements for banks to manage interest rate risk
Larger and more complex banks are also required to hold capital against this risk.
12/12/2023
Financial Services and Credit Panel issues registration prohibition order against financial adviser
The FSCP makes administrative decisions on matters referred to it by ASIC that relate to the conduct of financial advisers.
12/11/2023
Philippines wants its workers in Malta protected against abuse
Agreement would ensure Filipinos experience ‘less exploitation and abuse’
12/07/2023
APRA maintains current macroprudential policy settings
APRA also considered the level of capital on bank balance sheets and the expected performance of their lending assets.
12/07/2023
ASIC intervenes to protect retail investors from high-risk offers and business practices
In response to this growth, the range of online trading providers offering trading in regulated investment products expanded.
12/06/2023
Full-steam Ahead for Mainland-Hong Kong Cooperation Mechanism to Recognise and Assist Insolvency Proceedings in Pilot Areas and Beyond
The petitioner then issued a summons to seek a letter of request for recognition and assistance pursuant to the Cooperation Mechanism.