AML / KYC

Hong Kong Announces Budget Initiatives to Boost Financial Sector

26/02/2020

The initiatives include a waiver on stamp duties paid by ETF market makers, tax concessions for private equity funds, and planned enhancements to Hong Kong’s AML/CTF regime.

AML / KYC

FATF Highlights Digital Identity, Virtual Assets as Key Priority Areas

24/02/2020

At its Plenary, the FATF highlighted the use of digital identity systems, the new standards for virtual assets, and efforts to tackle illegal wildlife trade as some of its key initiatives.

AML / KYC

FATF Commends Korea, Warns Pakistan, Blacklists Iran

24/02/2020

Korea has a sound legal and institutional framework. Pakistan is asked to complete its action plan. Countermeasures against Iran are reinstated.

Market Infrastructure

Australia: Preparing for the Financial Accountability Regime

21/02/2020

An essential first step to prepare for the FAR is for organisations to clarify internal lines of accountability, says APRA’s Helen Rowell.

Capital / Liquidity

JBA Rebuts BCBS Proposal on Sovereign Exposure Disclosures

18/02/2020

The JBA said the BCBS should focus on ensuring full, timely and consistent implementation of Basel III reforms, rather than setting “fragmentary voluntary add-ons”.

Market Infrastructure

ESMA Seeks BMR Exemptions for Noncritical, Third-country Benchmarks

18/02/2020

ESMA says BMR’s wide scope has led to an unintended consequence whereby third-country benchmarks are not incentivised to keep providing their benchmarks in the EU.

Enforcement

Korea to Strengthen Regulatory Framework for Hedge Funds

15/02/2020

The FSC will cap illiquid investments at 50% for open-ended funds, require them to conduct regular stress tests, raise transparency of complex fund structures, and enhance supervisory monitoring.

Capital / Liquidity

Better Supervision Associated with Lower Operational Risk: BIS Paper

14/02/2020

Banks take an average 251 days to discover the occurrence of operational loss events, and 184 days to move from discovery and recognition, according to a new BIS paper.

Capital / Liquidity

CBIRC Asks Banks to Relax Loan Classification Standards

13/02/2020

Local banks are asked to be more tolerant of bad loans and to reduce their profit targets, as the novel coronavirus epidemic keeps borrowers from resuming normal business operations.