Compliance officers in Asia are increasingly focusing their attention on developing cross-border sales guidelines to ensure compliance with rules in multiple jurisdictions and protect their institution from regulatory censure.

Mounting regulatory requirements and the increasingly burdensome environment for wealth management firms in Asia are forcing the debate on the overall compliance culture in the industry.

Mark Jansen of PwC explains the latest progress in terms of FATCA, as well as the timelines that financial institutions must be aware of in order to get prepared and avoid the consequences of non-compliance.

The regulatory and compliance burden continues to cause concern among wealth management firms across Asia in various ways.

Tax evasion versus tax efficiency is a perennial grey area in banking. Using offshore tax to hide funds has generated a lucrative and, until now, thriving industry in wealth and trust management.

Below is a snapshot of some of the key local and international regulatory and compliance developments in July 2012 relevant to the Asian wealth management industry.

How to control client advisers is a greater source of debate and concern than ever before as private banks continue to struggle with the complex and uncertain regulatory and compliance landscape which is the new reality in Asian wealth management.

Below is a snapshot of some of the key local and international regulatory and compliance developments in May 2012 relevant to the Asian wealth management industry.

The harsh and far-reaching reality of the US Foreign Account Tax Compliance Act (FATCA) has finally begun to dawn on many financial institutions in Asia – with only a little more than six months to go before the main regulations take effect.

Controlling client advisers is a greater source of debate and concern than ever before as private banks continue to struggle with the complex and uncertain regulatory and compliance landscape which is the new reality in Asian wealth management.

William Ahern of Family Capital Conservation looks at developments in Hong Kong to enhance the anti-money laundering regime for providers of wealth planning services.

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

As much as CHF47 billion – about 2.3% of total offshore assets under management in Switzerland – might be lost before the implementation of Switzerland’s new withholding tax agreements with Germany and the UK, due to withdrawals and tax payments, according to a new study.

A team of analysts, tax experts and investigators has come together at the UK’s HM Revenue & Customs as a new unit to crack down on offshore tax cheats.

In response to a request from the US Internal Revenue Service, Credit Suisse has confirmed it revealed some of its US clients’ names to the local tax authorities, according to news reports.

According to a report by Reuters, the Swiss government has proposed a multi-billion dollar settlement with US authorities over allegations that it helped wealthy Americans avoid US taxes.

The UK’s HM Treasury has issued a Financial Sector Advisory Notice regarding the risks posed by unsatisfactory money-laundering controls in a number of jurisdictions.

UBS’ former UK head of wealth management has challenged the ability of the country’s watchdog to punish senior executives for insufficient supervision, according to a news report.

News reports have said that Britain has severed all ties with Iranian banks as part of a package of sanctions from the US, UK and Canada aimed at confronting Tehran's nuclear programme.

After investigating the way in which its banks have dealt with “politically exposed persons”, the Swiss Financial Market Supervisory Authority, FINMA, has found that most financial institutions have fulfilled their due diligence obligations satisfactorily.

The UK’s Financial Services Authority has imposed its largest-ever fine on an individual – US$9.6 million for manipulating the closing price of Reliance Industries securities on the London Stock Exchange.

The US Securities and Exchange Commission has charged UBS Securities for inaccurate recording practices when providing and recording “locates” to customers seeking to execute short sales.

The Hong Kong Monetary Authority has issued a circular to authorised institutions setting out detailed guidance on remuneration disclosure.

The Securities and Futures Commission has issued a circular to ensure the proper management of risks for all licensed corporations if they provide services to clients through overseas counterparties.

The Monetary Authority of Singapore has issued a response to the feedback from the consultation on the review of section 21 of the Insurance Act on the maintenance of assets in Singapore, which was conducted in September 2010.

China’s State Administration of Foreign Exchange recently released a notice launching two types of foreign exchange risk-reversal put and call options as of 1 December 2011.

Taiwan’s regulator recently announced that overseas branches of commercial banks are now allowed to invest in securities issued by government or corporations in Mainland China.

Inong Malinda Dee, a former relationship manager at Citibank’s Indonesia unit, was formally indicted at the South Jakarta District Court in early November, charged with two counts of banking crimes and one count of money laundering.

More than a year after India and Switzerland signed a revised Double Tax Avoidance Agreement, the Indian finance ministry said it has started receiving banking and tax-related information from Switzerland.