Fintech / Regtech

BCBS Examines Evolution, Risks of Open Banking

20/11/2019

While open banking has the potential to transform banking services and bank business models, greater attention must be paid to the risks that come with increased data sharing.

Market Infrastructure

APRA’s New Approach to Managing Non-Financial Risks

20/11/2019

APRA has published a new information paper setting out a tougher approach to lifting standards of governance, culture, remuneration and accountability across the financial industry.

FSC Korea Launches Bankruptcy Financing Firm for SMEs

20/11/2019

The new firm will offer “debtor-in-possession” loans to SMEs, allowing incumbent chief executives to remain in control during restructuring.

Enforcement

CCB, Ping An Singled Out for Violating Small Business Lending Rules

20/11/2019

CBIRC spot checks have revealed that small businesses were forced to buy in-house insurance products as conditions for obtaining financing at Beijing branches of the two banks.

AML / KYC

AUSTRAC Commences Legal Action Against Westpac for AML Breaches

20/11/2019

According to AUSTRAC’s statement of claim, each of the 23 million contraventions attracts a civil penalty between A$17mn and A$21mn.

ASIC Formalises Adviser Relief from Compliance Scheme Obligations

19/11/2019

The relief is granted through a legislative instrument that state that the suspension of the compliance scheme framework applies until 31 October 2022.

Securities / Derivatives

SEBI Mandates Mapping of Brokers’ Client Codes with Demat Accounts

19/11/2019

The measure has been put in place to detect the diversion of client securities by brokers at an early stage so allow for appropriate preventive measures.

Market Infrastructure

Australia Consults on Financial Market Infrastructure Regulatory Reforms

19/11/2019

The proposed reforms will enhance the licensing and supervisory regime for financial market infrastructures and introduce a resolution regime for clearing and settlement facilities.

Market Infrastructure

CBIRC Grants Allianz Approval to Commence Operation in China

19/11/2019

The approval makes Shanghai-based Allianz (China) Insurance Holding Company Limited the first fully foreign-owned insurance holding company to operate in China.