Conduct, Culture & Accountability

Advice Remediation at Six Biggest FIs Reaches A$750m: ASIC

12/02/2020

NAB has paid over A$203mn to over 588,000 customers as compensation for non-compliant advice and fees-for-no-service misconduct.

Payments & Settlements

China Green Lights Mastercard JV to Enter Bank Card Clearing Market

12/02/2020

The approval follows a commitment from China to expedite pending licence applications from US payments providers as part of the phase one trade deal.

Structural Regulation

CBIRC’s New Rules for Trust Companies to Take Effect in March

11/02/2020

When the measures take effect, a $1bn asset threshold required of foreign financial institutions to hold shares in domestic trust companies will be effectively cancelled.

CBDCs

Federal Reserve Explores Feasibility of US Dollar CBDC

11/02/2020

The Fed is exploring policy and design issues, legal considerations, and financial stability and resilience implications, governor Lael Brainard says.

Anti-Money Laundering

SFC Fines BMI Securities, Suspends RO for AML Breaches

11/02/2020

The SFC has fined BMI Securities HK$3.7mn and suspended one of its responsible officers for failures to comply with AML/CFT obligations.

Trading & Investment

Sri Lanka Should Start LIBOR Transition ‘Immediately’ – ICRA

11/02/2020

The central bank, financial institutions, and companies must assess the impact, and the LIBOR transition should start “immediately”, says ICRA Lanka, a Moody’s group company.

Sustainable Finance

Hedge Funds Face High Expectations on ESG Adoption

11/02/2020

ESG and sustainability considerations have become a ‘must-have’ in the hedge fund industry, says a new report from KPMG, AIMA, CAIA and CREATE-Research.

AI Risk & Governance

AI Expected to Become Key Business Driver in Two Years – Survey

11/02/2020

The Cambridge Centre for Alternative Finance and World Economic Forum, with support from EY and Invesco, shed light on the evolving landscape of AI-enabled financial services.

Credit Risk

RBI Expands One-Time Restructuring Scheme for MSME Loans

11/02/2020

The benefit of one-time restructuring will be extended to include MSME loans in default as of 1 January 2020, with the debt restructuring window also extended to 31 December 2020.