KYC & CDD

HKMA Encourages Remote Onboarding to Manage Covid-19 Challenges

07/04/2020

AIs and SVF licensees are encouraged to continue the provide the public convenient account opening and access to banking and payment services.

PEPs & Sanctions

OFSI Fines Standard Chartered $25m for Sanctions Breaches

07/04/2020

Standard Chartered made a series of loans to a Turkish private bank, which at the time was almost wholly owned by Sberbank, a sanctioned Russian bank.

Cryptocurrency

FSA Japan to Enforce New Crypto Laws from May

07/04/2020

Changes to two pieces of legislation will ensure better investor protection, and bring custodians, ICOs, STOs and crypto derivatives under the FSA’s remit.

Capital Adequacy

MAS Relaxes Capital Rules, Defers Policy Implementation

07/04/2020

MAS has adjusted banks’ capital and liquidity requirements to help sustain their lending activities, while also deferring a host of regulatory initiatives until further notice.

Capital Adequacy

APRA Asks ADIs, Insurers to Suspend Dividends, Cash Bonuses

07/04/2020

Where Boards are confident they can approve a dividend on the basis of robust stress testing results that have been discussed with APRA, it should be at a “materially reduced level”.

Conduct, Culture & Accountability

SFC Fines HSBC Units for Cash Management Failures at Funds

07/04/2020

The identified concerns have all since been rectified, and the two units have agreed to pay over $430,000 into the affected funds, on top of a $451,000 fine from the SFC.

Market Abuse

US Court Reverses 2017 Dismissal of Rate Rigging Suit Against Banks

07/04/2020

The decision effectively revives a suit by a group of investment funds against major banks over their alleged manipulation of yen LIBOR and euroyen TIBOR between 2006 and 2011.

Fraud, Scams & Cybercrime

Singapore: Suspect Arrested in Covid-19 Money Laundering Case

06/04/2020

Quick intervention by seven banks allowed enabled the recovery of more than 60% of the amount scammed in the fraudulent sale of surgical masks and hand sanitisers.

Credit Risk

Singapore Govt to Increase Risk Share on SME Loans

06/04/2020

The government will increase its risk share of loans made under existing loan financing schemes from 80% to 90%, for loans initiated from 8 Apr until 31 Mar 2021.