PEPs & Sanctions

Global Banks Seek Clarity on ‘Hong Kong Autonomy Act’

05/07/2020

Under the legislation, banks can be penalised for conducting a ‘significant transaction’ with Chinese individuals or entities named as having contributed to the erosion of Hong Kong’s autonomy.

Payments & Settlements

BSP On Course to Issue Central Bank Securities in Q3

05/07/2020

February 2019 amendments to the Central Bank Act restored the BSP’s authority to issue debt paper as part of its regular operations to manage liquidity and monetary policy.

Anti-Money Laundering

Singapore Authorities Probe Two Companies with Wirecard Links

04/07/2020

Citadelle Corporate Services is said to have handled Wirecard monies without a trust business licence. Senjo Group is said to have falsified accounts.

KYC & CDD

Taiwan Financial Firms Call for KYC Rule Changes

04/07/2020

Taiwanese financial firms are asking the FSC to allow identity authentication methods other than the unwieldy government-issued Citizen Digital Certificates.

Supervision & Enforcement

CBIRC Strengthens Administrative Procedures for Penalising Illegal Acts

04/07/2020

The maximum administrative penalties for illegal acts are effectively increased to ¥5mn for banking institutions and ¥500,000 for banking industry personnel.

Conduct, Culture & Accountability

SFC Asks HKEX to Raise Guard Against Conflicts of Interest

04/07/2020

The SFC says Listing Department personnel should not attend business meetings with prospective listing applicants, and HKEX should further reinforce ‘Chinese Walls’.

Credit Risk

RBI Asks Banks, NBFCs to Adopt New Classification Norms for MSMEs

03/07/2020

Banks and NBFCs have to classify enterprises as micro, small or medium based on new thresholds for turnover and investment in plant and machinery or equipment.

Cloud & Infrastructure

South Korea Enhances Credit Database in Open Data Push

03/07/2020

Korea’s CreDB system will be enhanced with additional datasets and increased server capacity to support deep learning and other types of AI-based data analysis.

Trading & Investment

Virtual Banks Could Shake Up Funds Industry – Report

03/07/2020

Successful virtual banks are likely to branch out into wealth management services, robo-advisory and fund distribution, says a new Calastone paper.