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AML / KYC
US Agencies Issue Alert on North Korea Cyber Threat
By Manesh Samtani | 22/04/2020
The advisory highlights the powers US agencies have to subpoena foreign FIs that maintain a correspondent bank account in the US to gain access to customer records stored overseas.
Market Infrastructure
ARRC Sets Out 2020 Objectives for LIBOR to SOFR Switch
By Editors | 22/04/2020
The ARRC will establish final recommended conventions for SOFR-based floating rate notes, business loans, and securitisations by 31 July.
Capital / Liquidity
BOJ Flags Financial Stability Risks from High Credit Costs, Investment Losses
By Editors | 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.
AML / KYC
Industrial Bank of Korea to Pay $86m for US Sanctions Violations
By Editors | 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.
Securities / Derivatives
Philippine SEC Moves to Protect Minority Shareholders from Abuse
By Editors | 20/04/2020
Asset sales representing 51% of total assets will require approval from two-thirds of shareholders; minority shareholders will be able to call meetings and add agenda items.
AML / KYC
US Returns $300m of Misappropriated 1MDB Funds to Malaysia
By Editors | 15/04/2020
The funds includes proceeds from assets that Malaysia financier Jho Low allegedly bought with stolen 1MDB money before his $700mn forfeit last year.
Market Infrastructure
Cambodia: Securities Regulator to Undergo Digital Transformation
By Editors | 15/04/2020
The Securities and Exchange Commission of Cambodia will develop a digital reporting system and adopt technology requirements in its regulatory framework.
Securities / Derivatives
Thailand: SET Gets Powers to Respond to Market Disruptions
By Editors | 15/04/2020
In a market disruption event, the SET board now has the power to prohibit short selling and algorithmic trading on the spot, among other measures.
Market Infrastructure
ISDA, IIF Warn G20 of Acute USD Shortage in Emerging Markets
By Editors | 13/04/2020
US dollar shortages could constrain policy responses aimed at cushioning emerging market economies from the Covid-19 shock.
Big Picture
Short Selling May Help Mitigate the Effects of Covid-19 Crisis
By Editors | 13/04/2020
ISLA’s Council for Sustainable Finance says short selling can be a “positive mechanism”, and banning it can harm price discovery and liquidity.
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