AML / KYC

MAS to Discontinue S$1,000 Note to Prevent Money Laundering

03/11/2020

Large denomination notes allow individuals to carry large values of money anonymously, and can facilitate money laundering and other illicit activities, MAS says.

RBA Cuts Cash Rate to Record Low, Confirms More Bond-buying

03/11/2020

The official cash rate is expected to remain at 0.1 for three years. The RBA will also buy A$100bn of government bonds over the next six months.

Fintech / Regtech

Fintech-related Regulatory Initiatives Accelerated by Covid-19

03/11/2020

Most regulators either accelerated or introduced new innovation initiatives in response to Covid-19. No such initiatives were cancelled, says a report from the World Bank and CCAF.

Securities / Derivatives

Chinese Regulators Force Suspension of Ant Group IPO

03/11/2020

The Shanghai and Hong Kong IPOs have been suspended following supervisory interviews with Jack Ma and two other executives. Ant was due to start trading on Thursday.

Capital / Liquidity

PBOC, CBIRC Issue Draft Rules for Small Loans Businesses

03/11/2020

Microfinance businesses must have a registered capital of at least CNY 1 billion. Those operating across provincial borders must have at least CNY 5 billion.

Market Infrastructure

Australia Commences Wide-ranging Review of Privacy Law

03/11/2020

An issues paper released as part of the review seeks feedback on whether EU adequacy under GDPR is necessary or desirable, among other issues relevant to reform.

RBI Instructs Lenders to Repay ‘Interest on Interest’ to Borrowers

03/11/2020

Interest charged on interest for certain loans will be repaid by lenders under a government scheme, regardless of whether the loans were under moratorium.

BOK Extends Special Loan Facility for Banks, Brokers, Insurers

03/11/2020

To be extended until 3 February, the special lending programme permits banks, brokerages and insurers to take out loans from the BOK against collateral.

AML / KYC

Singapore Bill to Align Payment Services Act with FATF Standards

03/11/2020

The bill will expand the definition of a DPT service, broaden the definition of cross-border money transfer service, and allow MAS to impose measures on DPT services providers.