Payments & Settlements

PBOC Grants Bank Card Clearing Licence to Amex JV

14/06/2020

American Express has become the first foreign company to receive a network clearing licence in China, which will allow it to compete with Tencent, Alipay and China UnionPay for market share.

Anti-Money Laundering

AUSTRAC Ups Ante in Westpac Money Laundering Case

14/06/2020

AUSTRAC has requested information from Westpac on additional child exploitation cases the bank detected in its lookback, potentially to use in penalty negotiations.

Fraud, Scams & Cybercrime

Malaysia: Former Trust Consultant Jailed for Securities Fraud

13/06/2020

The former consultant promised investors guaranteed returns but used the monies they paid for share trading in her personal account.

Conduct, Culture & Accountability

New Zealand’s New Conduct Regime Not Adequately Developed

13/06/2020

The bill to introduce a new conduct regime in New Zealand is not yet adequately developed, say Consumer New Zealand, the NZBA, and the Financial Services Council.

Conduct, Culture & Accountability

AMAC Issues Guidance on Private Fund Performance Remuneration

13/06/2020

The guidelines articulate four basic principles private fund managers are required to follow in designing and implementing performance remuneration mechanisms.

Conduct, Culture & Accountability

NAB to Lift Industry Standards with Bank-Wide Education Programme

12/06/2020

The programme, to be launched in partnership with FINSIA, will be rolled out for all of NAB’s Australia and New Zealand bankers and support staff.

Structural Regulation

Taiwan Fintechs to Gain Access to Canada’s Securities Sandbox

12/06/2020

The CSA sandbox allows firms to obtain exemptive relief from securities law requirements to test new products and services in the Canadian market on a time-limited basis.

Anti-Money Laundering

Shanghai Police Detain Anxin Trust Controller Over Illegal Loans

12/06/2020

Police have detained Anxin Trust’s biggest shareholder for lending assets under management in trust products to friends and other associates.

Fraud, Scams & Cybercrime

Korea: Unauthorised Toss Payments Prompt Wider Review of Fintechs

12/06/2020

The FSS is considering conducting reviews of some 40 fintech companies after eight unauthorised transactions were detected on Viva Republica’s payments platform Toss.