Capital / Liquidity

APRA Signals Intent to Ease Bank Dividend Restrictions

23/07/2020

APRA will modify its capital management guidance next week to account for a ‘longer-term outlook’, chairman Wayne Byres said.

Fintech / Regtech

CBIRC Issues Final Rules for Banks Engaged in Online Lending

23/07/2020

Online loans by banks should generally not exceed a one year term or 200,000 yuan per household. Banks must ensure loan proceeds are not used for property or risky investments.

Capital / Liquidity

Korean Regulators Approves K Bank Recapitalisation Plan

23/07/2020

K Bank’s recapitalisation plan was halted last April, forcing Korea’s first internet-only bank to stop offering loan products. It is now looking to regain ground lost to Kakao Bank.

AML / KYC

Singapore Court Fines Secretary Over North Korea Shipments

22/07/2020

The secretary pleaded guilty to three charges under the United Nations Act involving the shipment of luxury items to North Korea for her employer.

AML / KYC

MAS Penalises Asiaciti Trust for AML/CFT Failures

22/07/2020

Asiaciti Trust failed to put in place adequate procedures to establish source of wealth, and did not inquire into unusually large transactions by customers who were PEPs.

AML / KYC

BNM Issues Draft Rules on Merchant Acquiring Services

22/07/2020

The exposure draft sets out regulatory requirements for merchant acquiring services to ensure proper risk management amid rapid changes in the e-payments landscape.

Market Infrastructure

Refinitiv Launches Term SONIA Reference Rate Prototype

22/07/2020

Refinitiv’s announcement follows the launch of a beta version of term SONIA reference rates by ICE Benchmark Administration earlier this month.

AML / KYC

Malaysia Resumes Talks with Goldman on 1MDB Settlement

22/07/2020

A six-member team from Goldman Sachs has entered Malaysia to resume negotiations on a 1MDB settlement. A deal is believed to be within reach.

Fintech / Regtech

FSC Korea Targets Fair Competition, Data Safeguards for Financial Sector

22/07/2020

FSC chairman Eun Sung-soo is eyeing regulatory reforms to ensure fair competition, data security, and consumer protection as bigtechs enter financial services.