AML / KYC

Singapore Authorities Issue First Charges in Wirecard Probe

08/08/2020

A director of Citadelle Corporate Services is said to have “wilfully and with intent to defraud” stated false balances held in escrow on behalf of Wirecard in 2016 and 2017.

AML / KYC

HKMA, IA Issue Guidance on Video Distribution of Insurance Products

07/08/2020

Insurers and intermediaries such as banks have to apply to enter the InsurTech Sandbox to test the use of video conferencing to distribute long term insurance policies.

Enforcement

CEO Faces 112 Charges of Market Rigging in Singapore

06/08/2020

CEO and chairman of SGX-listed KS Energy is alleged to have engaged in conduct to push up his company’s stock and create a misleading appearance of its price.

Capital / Liquidity

RBI Adopts New Measures to Ease Covid-19 Financial Stress

06/08/2020

A new resolution framework will allow banks to continue to maintain the ‘standard’ classification for corporate borrowers in resolution rather than downgrade the account, among other measures.

Capital / Liquidity

PBOC to Authorise Bankruptcy Filing of Baoshang Bank

06/08/2020

The decision was made based on “severe insolvency” found at Baoshang Bank. The last commercial bank allowed to go bankrupt in China was in 2001.

Market Infrastructure

Australia Unveils Cyber Security Strategy for 2020

06/08/2020

Law enforcement will receive funding to bolster its ability to go after cyber criminals, complemented by the use of AUSTRAC’s financial intelligence expertise to target their profits.

ESG / Sustainability

Taiwan to Introduce Social & Sustainability Bonds by Year End

06/08/2020

Taiwan’s FSC will direct OTC market operator Taipei Exchange to develop new guidelines for issuing social and sustainability bonds.

Market Infrastructure

Westpac to ‘Proactively’ Switch Merchants to Least Cost Routing

06/08/2020

The RBA has signalled it was considering taking regulatory action to force banks to move faster in moving merchants from Mastercard and Visa to lower cost networks.

Securities / Derivatives

TWSE Sets 26 October Launch Date for Odd-Lot Trading

06/08/2020

Currently, odd-lot trading is only permitted in after-hours trading. Starting 26 October, odd-lot orders will be accepted during the regular trading session.