Market Infrastructure

HKMA Aligns Benchmark Reform Guidance for Banks with BCBS

26/07/2020

HKMA’s new guidance covers issues with benchmark reform relating to the definition of capital, market risk, counterparty credit risk, liquidity and operational risk.

Capital / Liquidity

APRA Allows Banks to Defer Property Collateral Revaluations

26/07/2020

APRA points to physical access barriers and a high degree of uncertainty that create challenges for banks in updating commercial property valuations.

AML / KYC

BOT Green-lights Use of Facial Recognition Tech at Five Banks

26/07/2020

BOT has issued new guidelines on the use of biometric technology in financial services, and granted approval to five banks to use facial recognition in account opening.

AML / KYC

Australian Police Bust Tax Fraud Syndicate in ‘Coordinated Strike’

24/07/2020

The syndicate’s ringleader is alleged to have enlisted financial industry experts and former bankers to operate and facilitate the A$17mn tax fraud.

Australia Extends Early Super Access Deadline to Year-end

24/07/2020

As of 19 July, superannuation funds had paid out A$28bn to their members under the early release scheme.

Crypto / Digital Assets

Malaysia SC to Engage with Digital Asset Wallet Providers

24/07/2020

Digital asset wallet providers are asked to contact the SC for an engagement on their business operations and to provide feedback on a regulatory framework for such providers.

AML / KYC

UPDATED – Malaysia, Goldman Agree to Settle 1MDB Charges

24/07/2020

Malaysia will drop all criminal charges against Goldman Sachs in exchange for a $2.5bn cash payment and help recovering an additional $1.4bn from 1MDB-related assets seized globally.

Enforcement

Korea: Optimus Asset Management Accused of Fraud, Embezzlement

23/07/2020

Optimus Asset Management CEO Kim Jae-hyun misappropriated investor funds to personally invest in stocks, futures and options since 2018.

Market Infrastructure

Covid Disrupts APAC LIBOR Transition, But Market Participants Unfazed

23/07/2020

A poll of APAC corporate treasury, finance and legal executives by APLMA and Bloomberg showed most participants still aim to be on track for the move to risk-free-rates by end-2021.