Credit Risk

Philippines: BSP to Standardise MSME Loan Applications

24/12/2020

A standard business loan application form will simplify and improve the application process, while also facilitating banks’ risk assessments and speeding up turnaround time.

Anti-Money Laundering

CBIRC Takes Control of Trust Company Accused of Embezzlement

24/12/2020

A joint working team comprising CBIRC and local government officials was dispatched to Sichuan Trust to supervise operations and carry out a management reshuffle.

Anti-Money Laundering

SFC to Require OFCs to Appoint Responsible Person for AML

23/12/2020

The requirement replaces an earlier proposal for OFCs to maintain a significant controllers register, which was deemed too operationally burdensome.

Payments & Settlements

Shanghai International Energy Exchange Optimises FX Conversion Model

23/12/2020

To date, FX conversion has been carried out daily. Under the new model, FX conversion can be carried out for overseas participants on a monthly basis.

Anti-Money Laundering

UPDATED – FinCEN Proposes Reporting, Recordkeeping Rules for Crypto

23/12/2020

Under the proposed rule, FIs will have to keep records of customers’ crypto transactions and counterparties, and whether they are using unhosted wallets.

Operational Risk

Korea to Standardise ‘Tech Financing’ Credit Models in 2021

23/12/2020

A new guideline being introduced will improve the accountability of ‘tech credit’ evaluating institutions and require them to use standard evaluation models.

Supervision & Enforcement

SFC Fines Fulbright Securities Over Short Selling Controls

23/12/2020

Fulbright Securities failed to detect and prevent illegal short selling failures in at least 93 instances over a period of at least six months.

Structural Regulation

Chinese Banks Urged to Extend Financing Support to Foreign Funded Firms

23/12/2020

Major foreign-funded companies should get equal access to some financing programmes as their Chinese counterparts, said a circular from MOFCOM and the CBIRC.

Structural Regulation

Chinese Fintechs Remove Bank Deposit Products from Online Platforms

23/12/2020

Smaller regional lenders have circumvented the geographical limits of their licences by offering deposit products on online platforms operated by Ant Group and Tencent, among others.