Managers of Wealth Asia Pacific

ASIC warns against fake news articles promoting investment scams

Scammers then follow up by contacting the person making the enquiry, promising an investment with unrealistically high returns.

ASIC disqualifies director from managing companies for engaging in illegal phoenix activity

The six failed companies owed unsecured creditors a total of $2,846,336, including $1,336,538 owed to the Australian Taxation Office.

Enforcement and recognition of orders between Hong Kong and the Mainland

This Bill provides for the registration of specified orders made in the Mainland to be registered in the Hong Kong courts.

Citibank Taiwan, DBS Bank Taiwan hit for AML failings

Citibank Taiwan should have known the backgrounds of the one-person companies, but it did not — it had only labeled them as low or medium-risk clients, the commission said.

Rogue branch lawsuit prompts Morgans payout offer

The settlement offer, revealed by The Australian Financial Review, follows Morgans’ own internal investigations having raised alarms about the branch.

Philippines joins ASEAN cross-border funds investment scheme

Launched in 2014, the framework is one of the ACMF’s initiatives under the regional capital market integration plan endorsed by ASEAN finance ministers in 2009.

Successive Govts, not advisers, to blame for advice policy shambles

Little wonder, then, that as part of its Affordable Advice Review process ASIC has appeared drawn to advice delivered under the auspices of superannuation funds or via algorithmic/robo advice.

HKMA Sets Out Next Steps for Implementing Open API Framework

The initial batch of API functions, covering deposit account information and online merchant payments, are expected to be implemented progressively by the 28 participating banks starting from December 2021.

SWIFT, Accenture Explore Real-world Implications of CBDCs

The paper offers guidance on how international financial systems and the financial community can prepare for the eventual introduction and adoption of CBDCs, with a focus on the possible move in payments to new forms of currency internationally.

Financial Times crowns King & Wood Mallesons Most Innovative Law Firm in the Asia-Pacific

The firm was named Most Innovative Asia-Pacific Headquartered Law Firm in recognition of its digital first approach to client service and people development.

KWM assists Suncorp with divestment of its Australian Wealth Business

Suncorp considers the sale a good outcome for Suncorp’s 137,000 superannuation members and would continue the simplification of the Suncorp Group portfolio.

Asia Employment, Pensions and Incentives Update

Continuing our look at India’s four new codes, this month we take a look at the new Industrial Relations Code and unpick what it means for employers operating in India.

Singapore's corporate venture launchpad selects BCG and McKinsey

The scale-up phase for high potential businesses may attract additional capital investment and value creation support through EDB New Ventures.

SEBI Enhances Sustainability Reporting Requirements for Listed Entities

BSBR reporting will be voluntary for FY 2021 –22 and mandatory from FY 2022 –23.

MAS Consults on Proposed AML Notices for Foreign Offices, FRCs

The regulator also sought feedback on the proposed notification forms to be submitted to MAS

APRA extends IDII overhaul deadline

The product has been a bugbear for providers due to its loss-making nature and its questionable ability to protect policyholders.

HKMC’s Financial Results Highlights for 2020

Despite the reported accounting loss of the HKMCA, the embedded value of the annuity business as at 31 December 2020 was about HK$5.4 billion, which comprised HK$4.1 billion of total equity and HK$1.3 billion of present value of future profits.

FASEA releases March Exam Results

Candidates are required to demonstrate professional reasoning and apply knowledge acquired to financial advice scenarios at AQF7 level of reasoning.

ASIC cancels Master Wealth Control’s Australian Credit Licence

ASIC’s investigation into Ms Grubisa remains ongoing.

APRA releases consultation to enhance capital adequacy for ADIs with subsidiaries

The revised capital treatment of ADIs’ equity investments in their subsidiaries is the most material change to APS 111.

Legal, Regulation & Compliance