03/21/2022
Trio banned by Hong Kong regulator
After they used false certificates to prove they had minimum requirements to apply to be insurance agents.
Legal, Regulation & Compliance
03/21/2022
ASIC issues information for social media influencers and licensees
‘ASIC monitors select online financial discussion by influencers who feature or promote financial products for misleading or deceptive representations or unlicensed advice or dealing. If we see harm occurring, we will take action to enforce the law,
03/20/2022
Former DBS manager given prohibition orders after deceiving clients into transferring S$490,000 to personal bank account
he orders took effect on Wednesday (Mar 16) after Loh was convicted of cheating and forgery offences, and using the benefits of his criminal conduct.
03/18/2022
Malaysia government caves to pressure, allows fourth EPF withdrawal
Members have pulled out a whopping 101 billion ringgit in the first three withdrawals, the pension fund says in a statement on March 16.
03/18/2022
Ex-BSI Banker Dismissed Due Diligence Questions
"He basically said, ‘due diligence is not Goldman’s responsibility – it’s BSI’s responsibility to conduct its own due diligence"
03/17/2022
Auditor’s registration suspended due to involvement in Big Un Limited audit
ECJ were engaged to manage the day-to-day audit activities despite one of the partners of ECJ being the company secretary of Big Un.
03/17/2022
ASIC permanently bans former authorised representative
ASIC also found that Mr Halligan engaged in conduct designed to cause his clients to believe that they still had the shares he had transferred without authorisation.
03/17/2022
SFC Fines Emperor Securities, Emperor Futures for AML Breaches
The SFC is of the view that Emperor’s conduct was in breach of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, the Guideline on Anti-Money Laundering and Counter-Terrorist Financing and the Code of Conduct (Notes 3 & 4).
03/16/2022
Asia: Rising energy prices will hasten policy tightening in the region
Asian economies that didn’t endorse sanctions, China and India being the largest ones, will still need to comply with sanctions, or they may risk jeopardising their own access to the USD denominated international financial system.
03/16/2022
Blowing the whistle
ASIC Regulatory Guide 270, Whistleblower policies contains guidance and good practice tips on establishing and implementing a whistleblower policy and program.
03/15/2022
APRA releases quarterly authorised deposit-taking institution statistics for December 2021
Residential mortgage lending remained strong, with both the stock of outstanding loans and new loans funded increasing over the December 2021 quarter.
03/15/2022
AMP welcomes Quality of Advice Review Terms of Reference
Banking
03/15/2022
Linklaters advises QIA on its investment into Singapore-based marketing tech company Insider
The transaction was led by Singapore-based private equity partner Robert Elliot.
03/14/2022
Banks will miss major deadline for real-time payment system upgrade
Reserve Bank governor Philip Lowe said three months ago he expected banks to hit PayTo deadlines.
03/13/2022
Financial Regulation Update
Global Update
03/11/2022
Mainland Regulator Bars Brokers from Hong Kong SPAC Promotion
Hong Kong approved the first application for a SPAC listing in January
03/11/2022
ASIC warns about financial viability of the Youpla Group
ASIC is concerned to ensure members of the relevant funeral funds and their representatives have up to date information to make informed decisions.
03/11/2022
Indonesia: Implementing guidelines for controlled foreign corporation rules issued
Indonesian taxpayers that are subject to CFC rules should refer to SE-55 for guidance on implementing those rules and assess whether they should revise previous annual income tax returns to align with SE-55.
03/10/2022
APRA releases new frequently asked questions on credit risk management
The FAQs page published today provides information to assist ADIs to interpret APS 220 and associated reporting standards.
03/10/2022
China Issues New Rules on Cybersecurity Review for Network Platform Operators Listing Abroad
Under the new rules Chinese NPOs holding more than 1 million individuals’ personal information must apply for a cybersecurity review prior to listing abroad.