AML / KYC

MAS Revokes Capital Markets Licence for AML Breaches

28/07/2020

Apical Asset Management lacked basic AML/CFT controls despite complex ownership structures used by some of its clients. Its two directors were reprimanded.

AML / KYC

Court Convicts Former Malaysian PM in 1MDB-linked Corruption Trial

28/07/2020

Najib Razak was found guilty of three counts of criminal breach of trust, three counts of money laundering and one count of abuse of power.

AML / KYC

Westpac Issues Update on Threshold Transaction Reporting Issues

28/07/2020

Westpac says it failed to report about 175,000 transactions to AUSTRAC as required, and may have filed 365,000 TTRs incorrectly.

AML / KYC

HSBC Launches 24/7 Digital Account Opening in Malaysia

28/07/2020

The new account opening service is aimed at minimising physical contact in compliance with new social distancing norms due to the Covid-19 pandemic.

Securities / Derivatives

JPX Completes Transfer of TOCOM Products to Osaka Exchange

28/07/2020

Under the new integrated exchange, brokers need a single licence to trade both securities and commodities. Clearing houses JSCC and JCCH have also been integrated.

Big Picture

FMSB Examines Remote Working Risks in FICC Markets

28/07/2020

FMSB has published a Spotlight Review on the risks of undertaking financial services activities through new working arrangements, and measures to mitigate these risks.

Market Infrastructure

ASX Benchmarks Proposes Enhancements to BBSW Methodology

27/07/2020

Enhancements to the transaction layer of the BBSW calculation waterfall will increase the frequency with which BBSW rates are calculated using transaction data.

Capital / Liquidity

China Prepares to Bail Out State-owned Enterprises, Banks

27/07/2020

State-owned China Reform Holdings has set up a bailout fund to help ensure SOEs can avoid bond defaults. Meanwhile, 18 provincial governments have approval to inject capital into banks.

Fintech / Regtech

HKMA Asks Banks to Participate in KPMG Regtech Stocktake

27/07/2020

HKMA has appointed KPMG as an external consultant to conduct surveys and interviews with banks and technology firms on Regtech development in Hong Kong.