- The Asia Pacific Banking News Network -Wealth, private banking and asset management news and opinion

Chairman of Chinese asset manager faces graft probe

The commission works alongside the Communist Party’s Central Commission for Discipline Inspection, which has punished more than one million officials since 2012.

China's Huarong Asset Management chairman probed for possible disciplinary violations

The CCDI did not elaborate and Huarong Asset Management was not immediately available for comment.

Japan’s Mizuho pulled out of Qatar bond amid Gulf dispute

Qatar issued $12bn of bonds last week

ASIC hits former NAB adviser with permanent ban

Separately, ASIC also noted that a former AMP-aligned adviser, Trevor Martin, was charged with 21 counts of dishonestly obtaining client funds.

Former Macquarie exec guilty of money laundering, tax evasion

Also found guilty was Castagna’s cousin Robert Agius, a former accountant in the tax haven of Vanuatu, who conspired with Castagna to conceal the money.

Australia says banking executives responsible for misconduct could face jail

In further testimony to the so-called Royal Commission on Wednesday, AMP executives admitted that it had charged users of online platforms for advice fees despite not receiving the permission required by law.

FIA ‘finds’ no politician with property in UAE

Sources and officials privy to the development said that hundreds of Pakistani businessmen faced threats of investigations into their real estate assets in the UAE.

Outgoing CEO name removed from critical AMP report draft

Hodge questioned whether Regan had considered it "ordinary" that the supposedly independent Clayton Utz report would necessitate regular exchanging of drafts and comments with AMP.

Winsome Group's Jatin Mehta is next; ED cracks UAE authorities to get evidences in hand

In mid-2016, the ED had asked Dubai to expedite its response to India's letters rogatory (LR) relating to Mehta's Winsome group.

Falcon Private Bank ordered to pay CHF 1.8 million to Finma

While the court acknowledged Falcon’s severe due diligence violations, the ruling can still be appealed at the Federal Court.

Labuan IBFC Launches Gulf Roadshow Showcasing Unique Shariah-Compliant Solutions and Structures for Businesses and Families

As a key element in Malaysia’s offering in Islamic financial services, Labuan IBFC’s leadership in Islamic finance is entrenched, and as home to the world’s first Sukuk, the jurisdiction continues to innovate in the space of Islamic fina

AMP admits it misled Oz regulator ASIC multiple times as advisory scandal hits sector

“I think there are reasons to be concerned. I think they show a culture that’s not as robust as it should be.”

AMP admits to serious misconduct in RC submissions

AMP made a series of acknowledgements of possible contraventions of the Corporations Act and the ASIC Act in relation to fees for no service.

Three major banks are up for sale. Who will buy them?

Their eventual buyers could alter the face of the Pakistani banking system. Who has the cash, knowledge, and desire to pull this off?

Regulators turned a blind eye to 'inherent conflict' for two decades

Westpac was somewhat slower to get on board, but in 2002 it snapped up Rothschild's local funds management business for $323 million, and then forked out $900 million to buy most of BT Financial Group.

Pakistan allows Bank of China to settle transactions in yuan

The country’s bilateral trade deficit with China widened to $12bn in the fiscal year 2016/17 from $4bn in 2012/13.

CBA advice failures unacceptable: Comyn

ASIC found the advice firms failed to provide, or failed to locate evidence regarding the provision of, annual reviews to the customers.

Excel Partners uses onshore assets to borrow foreign money

Excel’s legal counsel was Baker McKenzie FenXun, the joint operation office established by Baker McKenzie and FenXun Partners in Shanghai Free Trade Zone.

ASIC fees to more than double

Industry funding ensures that the costs of regulation are borne by those that have created the need for it, rather than the Australian public.

Cryptocurrency service providers now regulated: AUSTRAC

AUSTRAC chief executive officer Nicole Rose said the new regulation will instill public confidence in the fledgling sector.

Legal, Regulation & Compliance