Enforcement

China Bank Branch Head Commits Suicide Amid Corruption Probe

22/07/2019

China Development Bank’s Shandong branch head, Zhong Xiaolong, was reportedly being probed in connection with illegal loan guarantees made by the bank’s Jilin branch, where he was a former deputy head.

AML / KYC

Whistleblowers Allege SCB Cleared $57bn in Iran Transactions

22/07/2019

Whistleblowers reportedly claim that Standard Chartered Bank cleared more transactions in violation of Iran sanctions than the US government had used as its basis for fines issued in April.

Market Infrastructure

China Announces 11 Measures to Open Up Financial Sector

22/07/2019

The measures ease restrictions on foreign investment in securities firms, asset management companies, FX brokerage, insurance and pension management, among others.

AML / KYC

SET Unveils Gateway to Access National Digital ID Platform

22/07/2019

The new gateway will reduce the setup costs required to access the NDID and enable financial firms to enable full digitisation of customer onboarding more quickly.

Enforcement

HKMA Delegated Powers to Inspect Banks’ Insurance Business

22/07/2019

The Insurance Authority is delegating inspection and investigation powers to the HKMA in relation to insurance related business conducted by authorised institutions.

Market Infrastructure

SEBI Proposes Additional Requirements for Resigning Auditors

22/07/2019

Under the proposal, auditors will be required to finalise their audit reports and make detailed disclosures regarding their reasons for resignation from listed companies.

ASIC Proposes Total Ban on Insurance Sales by Phone

21/07/2019

ASIC’s ban will protect consumers where sales issues and consumer harm have already been identified, ahead of wider legislative reform by the government.

Capital / Liquidity

SEBI Tightens NPA Disclosure Requirements for Listed Banks

21/07/2019

Listed banks will have to make disclosures if the additional provisioning for NPAs assessed by RBI exceeds 10% of reported profit, compared to 15% previously.

Market Infrastructure

SWIFT Completes Latest gpi Trial with Singapore FAST

21/07/2019

All cross-border payments in the trial, which involved 17 banks across 7 countries, settled end-to-end within 25 seconds. SWIFT gpi has also now been introduced for corporates.