AML / KYC

Australia Joins New International Tax Enforcement Alliance

11/07/2018

The ‘J5’ will three global tax enforcement initiatives: cybercrime and virtual currencies, enablers of offshore tax crime, and data platforms; new alliance includes Canada, US, UK, Netherlands.

Enforcement

CCB Hong Kong Unit Fined for IPO Sponsor Failures

10/07/2018

SFC has fined CCB International Capital HK$24mn for failing to conduct reasonable due diligence for seafood company Fujion Dongya Aquatics in its 2014 listing.

Big Picture

Off-boarding Tail Clients a Short-Sighted Approach – Report

09/07/2018

Report by Quinlan & Associates suggests potential for digital transformation to deliver 10-15% boost in top-line revenues and 30% reduction in operating costs, with tail clients a key opportunity.

Market Infrastructure

AxiomSL Announces Completion of Open Taxonomy to Streamline MAS 610 Compliance

09/07/2018

Industry initiative has condensed over 300,000 data points required by MAS 610 into 1,000 reuseable business concepts, simplifying and streamlining compliance with the reporting mandate.

Capital / Liquidity

SGX Proposes Amendments to Boost Capital Efficiency for Members

08/07/2018

Proposed amendments include removal of risk-based capital and net liquid capital requirements currently imposed on remote and bank members, among other changes.

Market Infrastructure

Japan FSA Issues Revised Report on Supervisory Overhaul

08/07/2018

Report was revised following consultation on proposed move to ‘dynamic supervision’ model; FSA says existing supervisory approaches deter focus from priority issues and may not prevent next crisis.

Capital / Liquidity

APRA Proposes Amendments to Mitigate Contagion Risk from Related Parties

08/07/2018

Proposals include broadening the definition of related entities to include substantial shareholders and board directors, and aligning the framework with recently revised standards for large exposures to unrelated entities.

Enforcement

MAS Reprimands Asset Manager for Late Regulatory Submissions

08/07/2018

Annual declarations, auditor reports and director change notifications were submitted up to three years late by Taiyo Asset Management; director found guilty of misconduct for failure to implement compliance controls.

Capital / Liquidity

ASIC Proposes New Capital Regime for Market Participants

08/07/2018

New minimum capital for futures and securities participants proposed at A$1m and A$0.5m, respectively; futures and securities capital rulebooks to be consolidated.