Anti-Money Laundering

Europol Establishes New Financial and Economic Crime Unit

08/06/2020

The new unit will seek to support cooperation among EU law enforcement authorities, step up financial investigations, and cut off organised crime groups from their funding.

Capital Adequacy

FSC Korea Unveils Legislation to Tighten Supervision of Financial Groups

08/06/2020

Under the bill, non-holding financial conglomerates like Samsung, Mirae Asset and Hyundai Motor will be subject to new requirements to monitor group risks and measure capital adequacy.

Credit Risk

CBIRC to Step Up Monitoring of Credit Risk in Banking Sector

08/06/2020

Companies obtaining loans under Covid-19 programmes are using the proceeds to invest in wealth management products, structured deposits, the stock market and the housing market.

Payments & Settlements

Australia Considers Consolidation of Payment Infrastructures

08/06/2020

An industry committee has been set up to explore the benefits of a consolidating the NPP, BPAY and eftpos – […]

Anti-Money Laundering

‘Global Coalition to Fight Financial Crime’ Formally Launches

07/06/2020

The GCFCC’s members include the Atlantic Council, Crime Stoppers International, EBF, Europol, FFIS, Freedom Seal, GFI, IIF, MENA FCCG, Rani’s Voice, Refinitiv, RUSI, and World Economic Forum.

Structural Regulation

MAS Issues Consultation Response on FRC Framework

07/06/2020

Regulated entities will no longer need to seek MAS approval prior to commencing business arrangements with foreign related corporations; a 14-day ex-post notification will instead be required.

Conduct, Culture & Accountability

New Zealand FMA Files High Court Proceedings Against ANZ

07/06/2020

ANZ issued over 300 duplicate credit card repayment insurance policies, charging double premiums for no additional cover, and failed to cancel policies for over 400 ineligible customers.

Trading & Investment

HKEX Launches First Leveraged Commodities Product in Gold

07/06/2020

The introduction of the first gold futures leveraged product provides investors the ability to express a short-term market view on gold prices, says HKEX’s Brian Roberts.

Fraud, Scams & Cybercrime

Woori, Shinhan to Pay Compensation on Lime Asset Losses

07/06/2020

Woori and Shinhan will pay about 50% of principal invested in three suspended Lime funds, preemptively, while the FSS decides on a final compensation ratio.