AML / KYC

Global Regulation Continues to Increase KYC Complexity – Accuity

18/09/2018

The KYC process has become increasingly complex, with rising costs, onerous processes and a skills shortage presenting challenges for compliance staff, says an Accuity report.

Fintech / Regtech

MAS, CFTC Sign Fintech Cooperation Arrangement

17/09/2018

Cooperation arrangement focuses on information sharing and facilitating referrals of fintech firms between Singapore and the US.

Securities / Derivatives

Taiwan to Launch Exchange Traded Notes in Q2 2019

17/09/2018

Brokers issuing ETNs must have a net worth exceeding $325mn and a capital adequacy ratio of at least 250%.

Market Infrastructure

NEX Launches OTC Derivatives Reporting Solution in Australia

17/09/2018

The solution ensures data integrity and quality before delivery to CME Group or DTCC Asia licensed trade repositories.

Securities / Derivatives

KRX Tightens Per-Order Limit for Stock Trades

14/09/2018

Investors will be allowed to buy a maximum of 1% of a company’s total shares starting 17 September, a rule aimed at preventing error trades.

Market Infrastructure

ACCC Consults on Open Banking Data Rights Rules

13/09/2018

Consumer data rights framework to be initially applied under the open banking regime, with the big four banks set to make data available by 1 July 2019.

AML / KYC

Hong Kong FIs Share Foreign Tax Resident Data with IRD – Report

12/09/2018

Over 1,700 financial institutions have shared customer account balances and income details with the tax authority, as required by AEOI.

Enforcement

Australian Banks Face ‘Largest Ever’ Class Action

12/09/2018

A series of class actions for millions of super fund customers could cost Australian financial institutions up to A$1bn.

Enforcement

RBI Fines Three State Banks for Fraud Reporting Failures

10/09/2018

Union Bank of India, Bank of India and Bank of Maharashtra are each fined 10 million rupees.