MAS to crack down on violations of AML and CFT
The Singapore regulator plans to tighten its regime on anti-money laundering and counter financing of terrorism, to ensure that those people and organisations who jeopardise the financial centre’s hard-earned reputation for integrity face severe consequences.
SFC reviews rules for reporting on short positions
Following a consultation on the Securities and Futures (Short Position Reporting) Rules in May, the Securities and Futures Commission has unveiled the conclusions and has issued a further consultation on the matter.
Financial Stability Board consults on template for global banks
The Financial Stability Board has published a consultation paper seeking views on a set of options and proposals to introduce a new common data template for global systemically-important banks.
Swiss funds body urges reforms to boost industry
The Swiss Funds Association is supporting the primary objectives of the partial revision of the Swiss Federal Act on Collective Investment Schemes, as well as making additional proposals relating to taxation.
IOSCO publishes recommendations on market integrity
The Technical Committee of the International Organization of Securities Commissions has published a report containing recommendations to promote market integrity and efficiency.
UK regulator fines Credit Suisse for systems and control failings
The UK’s Financial Services Authority has fined Credit Suisse the equivalent of around US$9.5 million for systems and controls failings in relation to sales by its private bank of structured capital at risk products.
Financial Stability Board calls for faster OTC derivatives reforms
In its second progress report on implementing over the counter derivatives market reforms, the Financial Stability Board is calling on jurisdictions to aggressively push forward to meet the G20 end-2012 deadline in as many areas as possible.
G20 ministers agree on tax information exchange
The G20 finance ministers have agreed to work on issues relating to obtaining tax information, a move that can help countries get information about money stashed in tax havens.
UK tax authority targets 6,000 more with Swiss accounts
HM Revenue & Customs is writing to over 6,000 more UK individuals, companies, trusts and other bodies holding HSBC accounts in Geneva who it suspects may not have reported all their income and gains to the authorities.
Why the ETF market needs regulatory reform
Nick Good of BlackRock discusses the key regulatory reforms needed in the ETF market to enhance disclosure and transparency in a bid to improve investor understanding and the overall market landscape.
A growing need for automation and front-to-back processes
Mark Jansen of PwC explains the need for private banks to enhance their systems, technology and business processes to respond to regulatory and operational challenges, as well as to drive their strategy.
Mounting operational challenges for private banks in Asia
Mark Jansen of PwC looks at the various and over-lapping operational challenges that private banks are increasingly facing in Asia, especially in relation to the front office, within a volatile and competitive market.
Regulatory review - September 2011
Below is a snapshot of some of the key local and international regulatory and compliance developments in September 2011 relevant to the Asian wealth management industry.
ASIC permanently bans former Citibank manager
Australia’s securities regulator has permanently banned a former Citibank manager from providing financial services advice.
Central bank to require exporters to repatriate offshore earnings
Bank Indonesia and the Finance Ministry are planning to issue new regulations requiring exporters to repatriate funds parked overseas, and also limiting offshore borrowing.
India to launch new disclosure scheme for overseas assets
To retrieve undisclosed assets held in overseas tax havens, the Indian government is working out the details of a voluntary income disclosure scheme, according to local news reports.
Regulator fines Bank SinoPac for illegally sharing client information
Bank SinoPac has been fined NT$2 million (US$65,000) for providing to a subsidiary information about clients who have been registered as unwilling to be the target of co-marketing.
FSC warns investors of investment-linked insurance products
Taiwan’s Financial Supervisory Commission has warned investors of the risks involved in buying investment-oriented insurance products.
Regulator lowers barrier for securities firms to enter wealth management
Taiwan’s Securities and Futures Bureau has announced plans to amend relevant guidelines to reduce the requirements for securities companies which want to enter the wealth management business.
CSRC releases results of inspection of securities investment firms
The China Securities Regulatory Commission has released the results of its 2010 annual inspection of securities investment consulting institutions.
SGX enhances SGXNet to boost market transparency
To foster a transparent and well-informed marketplace, the Singapore Exchange (SGX) has enhanced the categorisation and templates of SGXNet announcements.
SFC to review key facts statements
The Securities and Futures Commission plans to conduct a review of key facts statements (KFS) issued by mutual funds and unit trusts which are marketed to the public.
Switzerland and Russia revise double taxation agreement
Switzerland and Russia have signed a protocol to amend the double taxation agreement with respect to taxes on income and capital.
US OFAC imposes sanctions for drug and bulk cash trafficking
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced the designation of Mexican national Alfredo Vasquez Hernandez pursuant to the Foreign Narcotics Kingpin Designation Act.
US outlines progress in combating international tax evasion
The US Internal Revenue Service has announced its progress in combating international tax evasion.
UK tax authority investigates 5,300 private clients
The UK tax watchdog is investigating roughly 5,300 customers of HSBC Private Bank (Suisse) over possible tax evasion.
How to tackle the operational risks from rapid growth
The growth ambitions of private banks in Asia are putting further pressure on operational processes and infrastructure at a time of already-burdensome regulatory and compliance requirements.
Aligning front-line staff with front-office controls
As private banks seek effective risk mitigation measures across their businesses, perhaps their highest operational and compliance hurdle is keeping on top of what their frontline advisers are doing.
Can private banks beat the operations and compliance odds?
The uncertainty, cost, complexity and time involved in tackling the mounting operational and compliance requirements continues to weigh heavily on many private banks in Asia – even for the largest and most process-driven institutions.
Western governments' tax crackdown - the Asian perspective
Katie Graves of Withers looks at the potential impact of the recent UK-Swiss tax agreement and FATCA on the private banking industry in Asia, and at how firms, advisers and clients can prepare.