Operational Risk

BSP Relaxes Reporting Requirements for Financial Institutions

07/03/2021

The BSP is reducing reporting requirements related to the borrowings of directors, officers, stockholders and their related interests.

Supervision & Enforcement

ASIC Attributes Higher Industry Levies to Royal Commission Work

07/03/2021

ASIC’s regulatory work related to the Royal Commission recommendations involves higher-cost activities such as enforcement, supervision and surveillance.

KYC & CDD

GLEIF Sets Out Process for Validation Agent Trial Phase

07/03/2021

The goal of the Validation Agent role is to streamline the LEI issuance process by enabling FIs to directly liaise with LEI Issuers on clients’ behalf during onboarding.

Anti-Money Laundering

GFI Offers Recommendations on Advancing FinCEN Reforms

06/03/2021

Global Financial Integrity says money laundered from tax evasion and illicit funds entering the US financial system from overseas are estimated at $1tr.

Payments & Settlements

Japan Close to Decision on Lower Interbank Transfer Fees

06/03/2021

Interbank transfer fees have remained the same for over 40 years. A reduction in interbank EFT fees may be implemented as soon as October.

Payments & Settlements

SZSE Amends Bond Repo Rules to Enhance Security, Transparency

06/03/2021

The revised measures will require counterparties to display their identity information. Previously only the counterparty’s code was available for display.

Market Data & Technology

IBA Publishes Beta Version of ICE SONIA Indexes

05/03/2021

The ICE SONIA Indexes can be used to help calculate and process interest accruals from both a lender’s and borrower’s perspective.

Supervision & Enforcement

Malaysia Secures Settlement from Deloitte to Resolve 1MDB Claims

05/03/2021

Malaysia’s Finance Ministry is also negotiating a settlement with KPMG, which was replaced by Deloitte as auditor of 1MDB in 2013.

Structural Regulation

Tokyo Exchange Obtains ESMA Recognition Under BMR

04/03/2021

A total of 192 benchmarks administered by the TSE are listed as in scope, including key benchmarks TOPIX and JPX-Nikkei Index 400, as well as their sub-indices.