NZ: New AML law sparks privacy concerns

NZ: New AML law sparks privacy concerns

NZ: New AML law sparks privacy concerns

Banks in New Zealand will be obliged to disclose details of any international transactions over NZ$1,000 and domestic cash deals over NZ$10,000, as part of efforts to combat terrorism financing. But the new anti-money laundering (AML) rules, which are due to take effect in November, have alerted privacy specialists concerned that the new disclosure regime may give banks a delicate…

Hong Kong FDSC calls for government support to promote captives business

Hong Kong FDSC calls for government support to promote captives business

Hong Kong FDSC calls for government support to promote captives business

The Hong Kong Financial Services Development Council (FSDC) has revealed plans to fight back against progress made by Singapore in recent times, and to use tax breaks to attract reinsurance, marine and captive insurance business back to the domicile. Risk managers in China, the wider Asia-Pacific region and worldwide will be interested to see that the FSDC, formed by the Hong…

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey has signed a memorandum of understanding (MoU) with the Beijing Airport Economic Core Zone (BAECZ), a key Chinese business centre. According to Guernsey Finance, the MoU sees the parties agree to cooperate in the areas of captive insurance market development, financial innovation and international information exchange, to promote the viability of the Chinese captive market and wider communication between…

Firms failing to tackle endemic workers’ human rights violations in Asia

Firms failing to tackle endemic workers’ human rights violations in Asia

Firms failing to tackle endemic workers’ human rights violations in Asia

Violations of workers’ human rights are endemic across most Asian countries and initiatives to tackle the issue at source, and within supply chains, are not fit for purpose, warns UK-based consultant Verisk Maplecroft. In its Human Rights Outlook 2017, the firm stresses that risks are particularly acute down the Asian supply chain, where modern slavery is rife and migrant workers…

Chinese company faces record fine from US for breaking Iran sanctions

Chinese company faces record fine from US for breaking Iran sanctions

Chinese company faces record fine from US for breaking Iran sanctions

A Chinese telco provider is facing a $1.9bn fine for violating US economic sanctions in a case that should act as a warning to international firms of the business risks associated with US sanctions and export rules. Zhongxing Telecommunications Equipment Corporation (ZTE) fell foul of the US Export Administration Regulations (EAR) and Iranian Transactions and Sanctions Regulations (ITSR) and received…

Singapore forms council to review corporate governance code

Singapore forms council to review corporate governance code

Singapore forms council to review corporate governance code

The Monetary Authority of Singapore (MAS) has formed a Corporate Governance Council to review the Code of Corporate Governance (CG Code). The council is chaired by Chew Choon Seng, former chairman of the Singapore Exchange. The new chairman of the council said that it is important Singapore listed companies to go beyond “mere box-ticking” and “boiler-plate” explanations, engage meaningfully with…

Chinese work safety head jailed for corruption

Chinese work safety head jailed for corruption

Chinese work safety head jailed for corruption

The vast explosions at the northern Chinese port of Tianjin in August 2015 has taken another victim as the nation’s former top work-safety official has been jailed for 15 years for corruption. The South China Morning Post reported that Yang Dongliang, now 63, and former head of the State Administration of Work Safety, has been jailed a year and a…

Landmark case in HK could push up price of D&O insurance

Landmark case in HK could push up price of D&O insurance

Landmark case in HK could push up price of D&O insurance

Risk managers and insurers are eyeing the progress of a landmark Hong Kong tribunal that could have massive implications for D&O insurance in the region. The case involves Chinese state-backed conglomerate Citic, formerly known as Citic Pacific, which specialises in mining. The company ran into trouble back in 2008, when the chairman Larry Yung discovered a HK$15bn loss through unauthorised…

Australia passes new data privacy law

Australia passes new data privacy law

Australia passes new data privacy law

Companies in Australia will soon face mandatory notification obligations in the event of a data breach, after the federal parliament passed a long awaited amendment to its 1998 Privacy Act. The Privacy Amendment (Notifiable Data Breaches) Bill 2016, was passed on 17 February and will include all companies subject to the aforementioned Privacy Act, which includes not just Australian registered…

Managing a product recall in Hong Kong

Managing a product recall in Hong Kong

Managing a product recall in Hong Kong

As the recent Samsung and VW product recall issues have shown, the consequences of a recall can be globally significant. Often, the need for product recall insurance is not recognised until after a company has suffered a recall. The reputational damage that can be incurred, combined with the ever-growing complexity of supply chains and the new exposures created by technology,…

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