AML / KYC

Automatic Exchange Uncovers €10tr in Offshore Accounts in 2019

02/07/2020

The automatic exchange of information by tax authorities in nearly 100 countries uncovered data on 84 million accounts held offshore in 2019.

APRA Heatmap Having Desired Effect on Super Fees

02/07/2020

APRA is putting more than a dozen MySuper trustees on notice that it is considering enforcement action against those that continue to underperform on fees.

AML / KYC

BCBS Updates AML Guidance to Advance Supervisory Cooperation

02/07/2020

Prudential and AML/CFT supervisors should establish an effective cooperation mechanism regardless of the institutional setting, the updated guidelines say.

PBOC Cuts Funding Costs for Small Firms, Rural Sectors

02/07/2020

The PBOC has cut the rediscount rate for the first time in a decade, and the relending rate for the second time this year.

Sri Lanka: CBSL to Absorb Credit Risk on Business Loans

02/07/2020

The CBSL will provide credit guarantees ranging from 80% for smaller loans to 50% for larger loans issued to businesses affected by Covid-19.

Enforcement

SocGen Australia Pleads Guilty to Client Money Offences

02/07/2020

SocGen failed to pay client money into segregated authorised bank accounts and made payments out of a client money account that were not permitted.

Securities / Derivatives

PBOC Finalises Rules on ‘Standardised Note’ Issuance

02/07/2020

Standardised notes will be considered money market instruments, backed by commercial paper which generates cash flows for distribution to investors.

Enforcement

FSC Korea Introduces Legislative Revisions on Predatory Lending

02/07/2020

The maximum annual interest rate will be limited to 6%, compared to 24% under the current law. Maximum penalties will also be raised.

Securities / Derivatives

India Standardises Stamp Duty on Securities Transactions Nationwide

02/07/2020

India has revised its framework for levying the stamp duty on securities transactions, in a bid to ensure uniformity across the country.