AML / KYC

China Mulls Allowing Domestic PE Funds to Invest Overseas

03/08/2020

The foreign exchange regulator will this year explore reforms to allow private equity investment funds to invest overseas.

Market Infrastructure

Australia Consults on Reforms to Foreign Investment Framework

03/08/2020

Foreign investors will face national security checks regardless of the value of their investments, subject to enhanced monitoring, investigative and enforcement powers of the Treasury.

Fintech / Regtech

PBOC Pushes for Antitrust Probe into Alipay, WeChat Pay

03/08/2020

The State Council’s antitrust committee has reportedly been collecting information on the two payments giants for over a month but has not yet decided whether to launch a probe.

Enforcement

ATO Commences Pilot Audit of Early Super Withdrawal Scheme

03/08/2020

The tax office is contacting Australians who withdrew their superannuation funds early to assess if the need was genuine, and whether they should be penalised.

AML / KYC

Ex Coutts Banker Fined Over $700m 1MDB Transfer

03/08/2020

The former Coutts & Co banker approved a $700mn transfer request from Jho Low, the alleged mastermind behind the 1MDB scandal, despite repeated red flags.

Securities / Derivatives

HKMA Relaxes Rules on Retail Sales of Government Bonds

02/08/2020

Banks can forgo suitability assessments and audio recordings when distributing low-risk, non-complex retail tranches of Hong Kong or Mainland government bonds.

Fintech / Regtech

BSP Pilot Tests New Chatbot for Consumer Complaints

31/07/2020

The chatbot can handle queries and complaints from consumers sent through chat via the BSP website, SMS, or Facebook messenger.

Fintech / Regtech

Italian Banks Adopt Blockchain to Reconcile Interbank Transactions

31/07/2020

55 banks are using a blockchain platform to share interbank transfer data and reconcile transactions, an initiative made possible by a rule change last May.

AML / KYC

Pakistan Senate Passes Amendments to Anti-Terrorism, UNSC Laws

31/07/2020

The amendments raise the maximum penalties for violating anti-terrorism laws, and empower the government to implement UN Security Council resolutions.