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.

Enforcement

CBA Ordered to Pay A$5m Over Agricultural Lending Products

08/06/2020

CBA’s failures were attributed to the highly manual nature of the systems it used to apply package benefits, and the lack of systems or processes to check whether customers were receiving said benefits.

AML / KYC

Europol Establishes New Financial and Economic Crime Unit

08/06/2020

The new unit will seek to support cooperation among EU law enforcement authorities, step up financial investigations, and cut off organised crime groups from their funding.

Capital / Liquidity

FSC Korea Unveils Legislation to Tighten Supervision of Financial Groups

08/06/2020

Under the bill, non-holding financial conglomerates like Samsung, Mirae Asset and Hyundai Motor will be subject to new requirements to monitor group risks and measure capital adequacy.

Capital / Liquidity

CBIRC to Step Up Monitoring of Credit Risk in Banking Sector

08/06/2020

Companies obtaining loans under Covid-19 programmes are using the proceeds to invest in wealth management products, structured deposits, the stock market and the housing market.

Market Infrastructure

Australia Considers Consolidation of Payment Infrastructures

08/06/2020

An industry committee has been set up to explore the benefits of a consolidating the NPP, BPAY and eftpos – […]