Anti-Money Laundering

European Fintechs Launch New Industry Association

19/06/2020

The European FinTech Association will seek to remove cross-border barriers in financial services, including to streamline fragmented AML rules and address IBAN discrimination.

CBDCs

BOT Unveils New Project to Use CBDC for B2B Payments

19/06/2020

A CBDC prototype developed by Digital Ventures will be integrated with systems at industrial conglomerate Siam Cement PCL and its suppliers.

Market Abuse

CFTC Settles Deutsche Bank Spoofing, Swaps Reporting Cases

19/06/2020

Deutsche Bank will pay $9mn for violating swap data reporting requirements during a system outage, and $1.25mn for spoofing carried out by two Tokyo-based traders.

Market Abuse

SFC Publicly Criticises CICC Units for Breaching Takeovers Code

19/06/2020

CICC and CICC Financial Trading – as associates of the CICC securities unit advising on certain offers – dealt in the relevant securities without making timely disclosures.

Credit Risk

Bangladesh Defers End Date of Covid-19 Loan Classification Rules

19/06/2020

Banks should not change the classification of loans between 1 January and 30 September this year, even if borrowers fail to meet their scheduled repayment obligations.

PEPs & Sanctions

US Passes Bill Threatening Sanctions Over Uyghur Human Rights

19/06/2020

The bill allows the US President to impose sanctions against Chinese officials identified as responsible for human rights abuses against Muslim minority groups in Xinjiang.

Anti-Money Laundering

UK FCA Fines Commerzbank $47m for 5 Years of AML Failures

19/06/2020

Commerzbank’s London Branch failed to conduct periodic due diligence on clients, address transaction monitoring weaknesses, and to have adequate CDD policies and procedures in place.

Cybersecurity

HKMA Publishes Banking Sector Talent Gap Findings

18/06/2020

Key skill gaps in the banking workforce were identified in areas relating to technology and data, cybersecurity, core banking knowledge, regulation and compliance, and climate risk management.

Structural Regulation

CSRC Approves Full JP Morgan Control of Futures Joint Venture

18/06/2020

JP Morgan will boost its stake in the joint venture from 49% to 100%, making it the first fully foreign-owned futures business in China.