Enforcement

Bank of Communications Manager Gets Nine Years Jail for Bribery

12/03/2020

The former manager accepted more than 10 million yuan in bribes and embezzled a further 820,000 yuan, representing illegal gains from organising employee competitions and events.

Market Infrastructure

APRA’s New Data Collection Solution to Go Live in Six Months

12/03/2020

The revised timeline follows APRA’s decision in October to explore alternative implementation approaches for the new solution, which will be known as ‘APRA Connect’.

Market Infrastructure

PBOC, CSRC Pledge to Enhance Bond Market Functioning

12/03/2020

The regulators will work to optimise the bond issuance management system, promote bond product innovation, and enhance the policy environment for private enterprises.

Big Picture

AI’s ‘Black Box’ Issues Can Be Addressed Through Regulation

12/03/2020

A new paper develops a regulatory roadmap for addressing the increasing role of AI in finance, focusing on human involvement to deal with ‘black box’ issues.

AML / KYC

Australia: Senate Committee Backs Passage of AML Amendments

12/03/2020

The bill allows firms to rely on KYC performed by third parties, strengthens correspondent banking protections, and promotes greater use of financial intelligence to combat financial crime.

Big Picture

Major Banks’ Fee-based Revenue at Risk – Study

11/03/2020

Increased regulatory pressure and growing competition from new players could cost incumbent banks 5% of their revenue over the next 3-5 years, says a new report from Accenture.

AML / KYC

European Banking Federation Publishes AML Blueprint

11/03/2020

The EBF identifies four priorities that need to be addressed, from which it has formulated 20 concrete policy recommendations detailed in the blueprint.

Enforcement

SFC Considers Easing Data Storage Rules – Report

11/03/2020

Industry bodies are reportedly working with the SFC to clarify the rules and make compliance easier, though it is unclear what specific steps it will take to ease the requirements.

AML / KYC

Philippine Lawmakers File Bill Criminalising Cash Smuggling

11/03/2020

In the Philippines’ October 2019 mutual evaluation report, the APG noted low confiscation cases and detection levels in relation to bulk movements of currency across borders.