AML / KYC

Korea: Details of 900,000 Credit Cards Leaked, Sold Overseas

09/06/2020

The leaked information included card numbers, expiration dates and the three-digit security code on the back of cards. About 410,000 of the leaked cards are still active.

Capital / Liquidity

RBI Proposes New Norms for Loan Sales and Securitisations

09/06/2020

The draft frameworks will make it easier for banks and other lenders to remove loans from their books amid increasing asset quality and liquidity pressures.

Fintech / Regtech

MAS Launches Global FinTech Innovation Challenge

08/06/2020

The competition will seek innovative solutions that can help financial institutions respond to two critical global challenges: Covid-19 and climate change.

Capital / Liquidity

SFC Fines Potomac Capital for Breaching Financial Resources Rules

08/06/2020

Potomac misinterpreted the financial resources rules and incorrectly including aged fees receivables as liquid assets, leading to an overstatement of liquid capital.

AML / KYC

FSC Korea Launches Task Force on Identity Verification Systems

08/06/2020

The FSC supports the development of innovative authentication mechanisms that can provide convenience, safety and security in electronic financial transactions.

Enforcement

Luckin Coffee Chairman Likely to Face Criminal Charges – Report

08/06/2020

The CSRC and Ministry of Finance have reportedly found new email evidence indicating that chairman Lu Zhengyao instructed his colleagues to commit fraud.

AML / KYC

Singapore to Tighten AML Rules for Casinos – Report

08/06/2020

Singapore’s legislated threshold for cash transactions that are subject to due diligence is higher than the $3,000 threshold set by the FATF.

Market Infrastructure

BNY, Deutsche to Set Up FX Trading Infrastructure in Singapore

08/06/2020

Seven major firms have already set up FX pricing and matching engines in Singapore, the result of a MAS initiative to lower routing latencies in the city-state.

Fintech / Regtech

SEBI Launches Regulatory Sandbox for Capital Market Participants

08/06/2020

Regulated entities will be granted facilities and flexibilities to experiment with fintech solutions in a live environment, on a limited set of real customers, for a limited time frame.