03/17/2017
SFC reprimands and fines BOCOM International Limited $15 million for sponsor failures
A majority of the loans were not secured by collateral but guaranteed by individuals or companies.
Legal, Regulation & Compliance
03/17/2017
EFG completes BSI integration in Asia, seeks lower price
The integration of BSI’s Swiss business is expected to take place in April, and the remaining BSI entities are also expected to be integrated in the second quarter of 2017, earlier than anticipated.
03/17/2017
Emirates NBD Asset Management launches India Equity Fund with UTI International
The Fund will look to invest primarily in large and midcap stocks to generate excess returns for its clients.
03/17/2017
Singapore regulator issues life-time bans over 1MDB breaches
The three individuals are Jens Fred Sturzenegger, former branch manager of Falcon Private Bank, Singapore branch; Yak Yew Chee and Yvonne Seah Yew Foong, both former employees of BSI Bank.
03/17/2017
Hong Kong watchdog fines DBS Vickers for regulatory breaches
The SFC found that DBS Vickers failed to have adequate internal controls and management supervision in place to prevent under-segregation of client money and to ensure that client assets were appropriately safeguarded.
03/17/2017
OECD announces further developments in international tax co-operation
It is also assisting its developing country members to ensure that they can also receive the benefits of the ongoing global move to automatic exchange of financial account information.
03/16/2017
Manulife receives China WFOE licence
A Manulife spokesperson tells Asia Asset Management (AAM) that the new subsidiary will not have any overlapping business with the other joint venture companies.
03/16/2017
IOB Singapore looks for new regtech system and vendor
The bank is considering only those vendors that have direct local support and have implemented MAS reg reporting software at least in two banks in Singapore.
03/15/2017
Siemens Gets Banking Licence
Siemens Bank’s clients primarily include companies, special purpose entities and public-sector debtors.
03/15/2017
Bank Central Asia outpaces rivals with 14% profit surge
Indonesian private lender closing gap with state-owned players
03/15/2017
Ex BSI Banker Yeo Must Wait to Face Money-Laundering Charges
The banker was convicted in December and is currently serving 30 months.
03/15/2017
Maddocks advises on major technology outsourcing agreement
The platform will service more than 500,000 ANZ retail stockbroking clients.
03/15/2017
IndusInd Bank set to acquire securities services firm ISSL
The platform clocks one million transactions per day and is a clearing member on equity exchange traded derivatives.
03/15/2017
Deutsche Securities warned by Japan over bond trading collusion
The warning is the first issued by the commission to financial institutions in Japan over trades of European sovereign bonds
03/15/2017
17-063MR ASIC consults on sunsetting class order about licensing relief for trustees of wholesale equity schemes
The wholesale equity scheme is effectively operated by the manager that holds an AFS licence and that takes responsibility for the operation of the scheme.
03/15/2017
World capital market regulators launch first Asia Pacific hub
The Hub in Malaysia will foster greater connectivity and inclusiveness within the Asia Pacific region
03/14/2017
Singapore fintech start-ups to gain access to Middle East
Both authorities will also undertake and explore joint innovation projects on the application of key technologies including digital and mobile payments, blockchain and distributed ledgers.
03/14/2017
Family Offices - Are you required to be registered or licensed in Singapore?
The importance of regulatory clarity in encouraging the growth of the family office industry.
03/14/2017
Prohibition Orders against individuals involved in 1MDB-related breaches
Mr Leissner will be prohibited for a period of 10 years from: (i) performing any regulated activity under the Securities and Futures Act
03/14/2017
Guernsey-China relationship strengthened with regulatory MoU
One of the early adopters of the Common Reporting Standard, Guernsey has a reputation for working in tandem with its finance industry