Anti-Money Laundering

S. Korea Uses AI, Big Data Analytics to Detect Tax Evasion

07/07/2020

A new AI-based big data analytics system will be used by the National Tax Service to detect cases of tax evasion using borrowed-name accounts.

Data Privacy

China Progresses Development of Data Security Law

07/07/2020

The draft law says the government will protect the rights of individuals and organisations over the use of their data.

Credit Risk

China Issues Final Rules on Handling Corporate Bond Defaults

07/07/2020

The final rules establish trustee managers, bondholder meetings and intermediaries as investor safeguards in the disposal of defaulted corporate bonds.

Credit Risk

CBIRC to Grade Banks on SME Credit Provisioning

07/07/2020

The first evaluation of how effectively banks are providing financial services to SMEs will cover 2019, and be completed by 31 October 2020.

Climate Risk

BOE Sets Deadline for UK Firms to Embed Climate Risk

07/07/2020

By end-2021, financial firms will have to be able to demonstrate that their approaches to managing climate-related financial risk have been implemented and embedded in their organisations.

Capital Adequacy

Taiwan FSC Proposes Rules Changes for Foreign Bank Branches

07/07/2020

The FSC proposes to allow loan loss provisions and reserves to be used in calculating net worth, accumulated losses and total deposits, which have a bearing on lending capacity.

Structural Regulation

BSP Set to Issue Digital Bank Licensing Framework

07/07/2020

Foreign individuals will be allowed to own up to 40% of a digital bank, while qualified foreign banks can own up to 100%.

Structural Regulation

Singapore Regulator Raises Concerns Over LSEG-Refinitiv Deal

06/07/2020

Singapore’s competition regulator has concerns about whether Refinitiv’s widely used WM/Reuters FX benchmarks would be offered to rival providers at fair and reasonable terms.

Anti-Bribery & Corruption

CBIRC Discloses List of ‘Illegal Shareholders’ of Banks, Insurers

06/07/2020

20 of the 38 companies on the list are linked to either Baoshang Bank or Anbang Insurance, which both needed a state bailout in recent years.