BOT Sets Out New Rules for ‘Digital Personal Loans’

21/09/2020

Under the regulations, alternative data including payment information relating to water, electricity and telephone bills can be used to support loan applications.

AML / KYC

Covid-19 Presents Opportunity to Disrupt Criminals: APG

20/09/2020

In its latest typologies report, the APG says Covid-19 may provide a unique opportunity for law enforcement and FIUs to detect and disrupt certain money laundering operations.

Enforcement

Korea to Introduce Civil Penalties for Unfair Trading

20/09/2020

Currently, unfair trading activities are punishable under criminal law, but prosecutions often take a long time due to the high burden of proof required.

AML / KYC

Cambodia, China Reject US Sanctions Against Chinese SOE

20/09/2020

OFAC alleges that Chinese state-owned company Union Development Group seized land from locals for development through a corrupt Cambodian general.

AML / KYC

HKMA Issues Revised AML/CFT Guideline for SVF Licensees

20/09/2020

SVF licensees are given until 2 July 2021 to implement appropriate measures consistent with the revised guideline, which includes guidance on remote on-boarding.

Capital / Liquidity

CBIRC Raises Leverage Limits for Microfinance Companies

20/09/2020

Microfinance companies can issue standardised debts such as bonds and ABS products up to 4 times net assets, compared to 0.5 to 3 times net capital previously.

AML / KYC

FinCEN Seeks Comments on Enhancing Bank AML Effectiveness

20/09/2020

One of the proposals is to incorporate an “effective and reasonably designed” AML programme component to empower FIs to allocate resources more effectively.

Korea Enhances Emergency Loan Programme for Small Businesses

19/09/2020

Banks are instructed to take measures to ensure that their IT systems are ready for processing changes in the second round emergency loan programme.

Securities / Derivatives

Barclays to Build Out FX Trading Infrastructure in Singapore

19/09/2020

Barclays will launch an FX trading and pricing engine in Singapore by mid-2021, adding to existing platforms in New York, London and Tokyo.