KYC & CDD

ASIFMA Offers Hong Kong Guidance on Common KYC Practices

22/04/2020

The guidance on account opening and KYC refresh is based on practices employed at 15 banks in Hong Kong that have a strong global and regional footprint.

Structural Regulation

ARRC Sets Out 2020 Objectives for LIBOR to SOFR Switch

22/04/2020

The ARRC will establish final recommended conventions for SOFR-based floating rate notes, business loans, and securitisations by 31 July.

Emerging Prudential Risks

RBNZ Proposes Removal of Mortgage Lending Restrictions

22/04/2020

The RBNZ intends to remove existing LVR restrictions for a period of one year, to help banks to keep lending to support customers, including with mortgage deferrals.

Conduct, Culture & Accountability

FSS Prompts JP Morgan Securities Seoul to Enhance Internal Controls

22/04/2020

South Korea’s FSS has reportedly instructed the Seoul branch of JP Morgan Securities to strengthen its internal controls on inter-subsidiary relations.

Credit Risk

BOJ Flags Financial Stability Risks from High Credit Costs, Investment Losses

22/04/2020

The BOJ has identified three main risks to the stability of the Japanese financial system – rising credit costs, investment losses and foreign currency funding risks.

Credit Risk

ECB Officials Push for ‘Bad Bank’ to Clean Up NPLs – Report

21/04/2020

ECB officials are concerned that the coronavirus pandemic will trigger a surge in NPLs that could hamper banks’ ability to lend.

Market Abuse

Singapore Police Open Probe into Renowned Oil Trader

21/04/2020

Hin Leong Trading’s founder admitted to concealing $800mn in losses from oil futures. The firm now unpaid debts of $3.85bn. Up to 23 banks are affected.

Trading & Investment

SEBI Extends Short Selling, Volatility Curbs Until 28 May

21/04/2020

SEBI has extended March measures that tightened market-wide position limits, raised margin rates, and capped on index derivatives positions.

PEPs & Sanctions

Industrial Bank of Korea to Pay $86m for US Sanctions Violations

21/04/2020

The bank failed to capture and prevent USD 1 billion in transactions to Iranian entities, cleared through financial institutions located in New York including its own branch.