Enforcement

SFC Imposes Lifetime Ban on Former UBS Adviser

06/08/2019

More than 10 years ago, the adviser accepted HK$1.4m in bribes from a client, paid at a rate of 20% of portfolio gains.

AML / KYC

Malaysian Authorities Bust Illegal Money Services Network

05/08/2019

In raids were jointly conducted by central bank, police and immigration officers, authorities seized almost $1mn, along with documents, computers and mobile phones.

Market Infrastructure

RBI Tightens Criteria for Board Appointments at State Banks

05/08/2019

The revised criteria for determining the ‘fit and proper’ status of proposed candidates include age, education, experience, and track record, among other criteria.

Securities / Derivatives

SSE, SZSE Set to Allow Trading in HK-Listed Dual Class Shares

05/08/2019

The Shanghai and Shenzhen stock exchanges are consulting on rule changes that will allow Chinese investors to trade Hong Kong-listed dual-class shares via Stock Connect.

Enforcement

Australia: NAB, EY Under Fire Following Whistleblower Leak

05/08/2019

A whistleblower has leaked internal NAB documents to highlight the bank’s lax approach to risk management, customer remediation, and conflicts of interest with its auditor.

Market Infrastructure

SEBI Seeks Uniform Penalties Framework for Margin Reporting Failures

03/08/2019

Fines charged to members for misreporting or non-reporting of margins collected from clients may extend to 100% of the incorrectly or nonreported amount.

Big Picture

Singapore: Two-Thirds of Consumers Willing to Try Digital Banks

03/08/2019

A JD Power survey has found that 65% of Singapore customers are interested in opening digital bank accounts. The survey ranked HSBC first, OCBC second and DBS third in customer satisfaction.

Big Picture

Global Crypto Trading Should be Guided by IOSCO Principles: WFE

03/08/2019

“Innovation which has the potential to present systemic risk or is allowed to operate in an unchecked or unregulated manner is detrimental to financial markets and investor interests.”

Enforcement

Japan Post to Check 30mn Contracts in Insurance Mis-selling Probe

02/08/2019

Up to 183,000 Japan Post customers have been affected by unlawful insurance sales practices over the past five years, double the amount initially found.