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 have signed a protocol to amend the double taxation agreement with respect to taxes on income and capital.

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.

The US Internal Revenue Service has announced its progress in combating international tax evasion.

The UK tax watchdog is investigating roughly 5,300 customers of HSBC Private Bank (Suisse) over possible tax evasion.

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.

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.

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.

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.

Katie Graves of Withers explains the scope and some of the possible consequences of the long-awaited tax agreement between the UK and Switzerland covering Swiss bank accounts, as well as outlining as many of the details as are available at this stage.

Below is a snapshot of some of the key local and international regulatory and compliance developments in August 2011 which are relevant to the Asian wealth management industry.

Under a long-awaited tax agreement between the UK and Switzerland – expected to enter force in January 2013 – all UK residents with Swiss accounts will need to reveal their holdings to the UK tax authorities, or suffer an annual withholding charge.

With record-high gold prices sparking considerable interest in gold investing, along with aggressive marketing and advertising of gold investments, some of them may be frauds, warned the Financial Industry Regulatory Authority in the US.

The Hong Kong Monetary Authority has welcomed new offshore renminbi (RMB) measures to support the development of Hong Kong as the offshore RMB business centre.

The Securities and Futures Commission has issued a reprimand to a locally-licensed securities dealer for a number of internal control deficiencies.

The Securities and Futures Commission suspended three brokerage licences after finding irregularities in the conduct of a client’s discretionary account.

The Monetary Authority of Singapore has reprimanded AAM Advisory and Andrew Gordon McKay for contravening the Financial Advisers Act by providing financial advice without proper licences.

Following recent allegations of bribery, the Indonesian Constitutional Court has announced new measures to achieve greater transparency and ward-off corruption, according to a report in the Jakarta Globe.

Capital markets intermediaries can now outsource their back-office functions to service providers, according to revised guidelines by the Securities Commission Malaysia.

A straw poll of the senior management, compliance and risk chiefs, and product gatekeepers at 20 leading international and local private banks has highlighted key insights about the views of these individuals, as well as their organisation’s preparedness, in relation to the many regulatory and compliance requirements in Hong Kong.

Despite efforts by the authorities to position Hong Kong as a regional financial centre, its competitiveness as a private banking hub is under debate.

The private banking industry in Hong Kong is hampered by the lack of communication between institutions in uniting with one voice to enter into proactive dialogue with the regulators.

Private banks in Hong Kong face resourcing and logistical issues in trying to meet growing suitability requirements and processes.

Private banks in Hong Kong face what to some insiders appear to be significant challenges as a result of the mounting compliance burden across their businesses.

Michael Brevetta of PricewaterhouseCoopers looks at the details and requirements of the Foreign Account Tax Compliance Act (FATCA), and also explains the penalties for non-compliance.

Mark Jansen of PricewaterhouseCoopers looks at the issues for financial institutions – and customers – of the Foreign Account Tax Compliance Act (FATCA), and considers what preparation is necessary now.

Mark Jansen of PricewaterhouseCoopers explains the main details and implications for both financial institutions and customers of the Foreign Account Tax Compliance Act (FATCA) enacted in the US.

Alex Jagmetti of Falcon Private Bank addresses areas of misunderstanding in relation to offshore banking, and looks at some of the considerations for clients in terms of repatriating funds.

Brendan Harper of Friends Provident International explains recent developments in tax agreements between Hong Kong and the UK, and looks at the implications for individuals.