The number of online scams involving brand name private banks operating in Hong Kong is at a record high, according to data from the Hong Kong Monetary Authority.
Category: Regulation
Jailed 1MDB scandal banker ‘spent $8.2m’ on Australia property
The former BSI banker Yeo Jaiwei, ‘sentenced beyond the norm’ for witness tampering by a Singapore court, used a Seychelles-based company to spend $8.2m on Australian Gold Coast property, the Guardian has reported.
Ex-Falcon Bank manager jailed in Singapore 1MDB probe
The first westerner to be charged in connection with the 1MDB scandal has been sentenced to 28 weeks in jail and fined S$128,000 (£73,352, $89,174, €84,235) by a Singapore court.
MAS to reinforce retail investor protection
Retail investors in Singapore will receive greater protection following changes to the Securities and Futures Act (SFA).
Singapore account holders must disclose tax residency status
Account holders in Singapore have been told by the taxman to fully cooperate with their financial institutions as they determine the tax residency status of their clients under the Common Reporting Standard (CRS).
Ex-Citibank HK banker penalised for copy-and paste signature
A former Citibank senior personal banker in Hong Kong has been penalised for copy-pasting a client’s signature to deceive the bank into accepting the signature as genuine.
Singapore charges Falcon PB official
Swiss national Jens Sturzengger has become the first westerner to be charged by a Singapore court as part of the investigations into the 1Malaysia Development Bhd (1MDB) money laundering scandal.
Fidelity’s WFOE obtains first private fund license in China
The firm will be allowed to create onshore investment products for eligible Chinese institutional and high-net-worth investors, and UBS AM is expected to follow.
HK allows broader use of indices for L&I ETFs
Starting January 9, issuers can apply for listings of leveraged and inverse ETFs tracking all broad-based indices except mainland China- related indices, Hong Kong’s Securities and Futures Commission said.
SFC sets new rules for senior management oversight
Senior managers at financial firms must take greater accountability for corporate wrongdoing, according to a circular released by the Hong Kong Securities and Futures Commission (SFC) on Friday.
