AML / KYC

BSP Probes Ten Banks Linked to Westpac AML Violations

19/12/2019

The banks received funds for their clients through the Bank of the Philippine Islands, which was the local partner of the Westpac money transfer service known as LitePay.

AML / KYC

India Shows How Policy Can Solve Financial Inclusion: BIS Paper

19/12/2019

The paper highlights India’s Aadhaar programme, which promotes financial inclusion, offers more robust AML/CFT checks, and has led to the creation of several innovative and interoperable digital platforms.

Capital / Liquidity

ANZ Announces New Remediation Costs to ‘Fix’ 3.4m Customer Accounts

19/12/2019

At its AGM on Tuesday, ANZ announced an additional A$682mn charge for remediation work, where a total 3.4 million accounts “need fixing”.

Market Infrastructure

JP Morgan Secures Business Licence for China Joint Venture

19/12/2019

The CSRC gave JP Morgan approval to set up majority-owned securities joint venture in China since March, but it has not been granted a licence to operate until now.

Enforcement

China, US in Talks on Allowing Joint Inspections of Auditors

19/12/2019

The CSRC has reportedly been in talks with the US audit regulator on allowing joint inspections of firms that audit Chinese companies listed in the US.

Fintech / Regtech

UPDATED – ZA Bank Becomes First HK Virtual Bank to Launch Pilot Services

19/12/2019

ZA Bank, backed by ZhongAn and Sinolink Group, has launched services for 2,000 selected users to test under the HKMA’s sandbox mechanism.

Market Infrastructure

Cyber Resilience Practices at Financial Firms Improving: ASIC

19/12/2019

Improvements have been seen at larger firms in response planning, mitigation action planning, and to ensure events that occur are contained, do not propagate, and neutralised as quickly as possible.

Capital / Liquidity

Jurisdictions Continue to Strengthen Deposit Insurance Systems: IADI

19/12/2019

The International Association of Deposit Insurers says the average coverage per depositor per institution has risen substantially in the last 10 years and that depositor reimbursements have sped up.

Market Infrastructure

ISDA Consults on Adjustments for EUR LIBOR, EURIBOR Fallbacks

19/12/2019

The supplemental consultation seeks input on adjustments that would apply to €STR if fallbacks in euro LIBOR or EURIBOR take effect, including the final parameters for these adjustments.