AML / KYC

Court Convicts Former Malaysian PM in 1MDB-linked Corruption Trial

28/07/2020

Najib Razak was found guilty of three counts of criminal breach of trust, three counts of money laundering and one count of abuse of power.

AML / KYC

Westpac Issues Update on Threshold Transaction Reporting Issues

28/07/2020

Westpac says it failed to report about 175,000 transactions to AUSTRAC as required, and may have filed 365,000 TTRs incorrectly.

AML / KYC

HSBC Launches 24/7 Digital Account Opening in Malaysia

28/07/2020

The new account opening service is aimed at minimising physical contact in compliance with new social distancing norms due to the Covid-19 pandemic.

Securities / Derivatives

JPX Completes Transfer of TOCOM Products to Osaka Exchange

28/07/2020

Under the new integrated exchange, brokers need a single licence to trade both securities and commodities. Clearing houses JSCC and JCCH have also been integrated.

Big Picture

FMSB Examines Remote Working Risks in FICC Markets

28/07/2020

FMSB has published a Spotlight Review on the risks of undertaking financial services activities through new working arrangements, and measures to mitigate these risks.

Market Infrastructure

ASX Benchmarks Proposes Enhancements to BBSW Methodology

27/07/2020

Enhancements to the transaction layer of the BBSW calculation waterfall will increase the frequency with which BBSW rates are calculated using transaction data.

Capital / Liquidity

China Prepares to Bail Out State-owned Enterprises, Banks

27/07/2020

State-owned China Reform Holdings has set up a bailout fund to help ensure SOEs can avoid bond defaults. Meanwhile, 18 provincial governments have approval to inject capital into banks.

Fintech / Regtech

HKMA Asks Banks to Participate in KPMG Regtech Stocktake

27/07/2020

HKMA has appointed KPMG as an external consultant to conduct surveys and interviews with banks and technology firms on Regtech development in Hong Kong.

Capital / Liquidity

Bangladesh Bank Spares No Effort to Boost CMSME Lending

27/07/2020

In the past week, the central bank has sharply eased loan classification and provisioning rules, and offered credit guarantees, to try and address an unwillingness among banks to lend to small businesses.