Capital / Liquidity

BSP Expects Sound Borrower Assessments, Forbearance Reporting

10/08/2020

Requirements to report forbearance granted to borrowers will ensure industry statistics reflect the “true health of the banking system” and incentivise prudence in banks’ credit decisions.

Capital / Liquidity

APRA to Recommence Policy Work, Licensing Activity

10/08/2020

APRA will recommence public consultations on high-priority prudential policy reforms, and begin accepting new licence applications in September.

Market Infrastructure

Malaysia Works to Enable Real-time Cross-border Payments

10/08/2020

A cross-border link between Singapore’s PayNow and Thailand’s PromptPay will extend to Malaysia’s DuitNow, a BNM official said.

Enforcement

CBIRC Fines Industrial Bank for Illegal Use of Interbank Funds

10/08/2020

Industrial Bank’s Shanghai branch used the funds for equity investments, government financing, and to pay land transfer fees.

Market Infrastructure

Taiwan to Require IT Security Enhancements at Financial Firms

10/08/2020

The FSC will require big financial firms to be able to restore operations within four hours after a disaster (possibly less for securities firms), among other measures.

Enforcement

Singapore’s Central Depository Fined for Data Privacy Breaches

10/08/2020

211 dividend cheques were sent to outdated mailing addresses, containing client names, NRIC numbers, CDP account numbers, and details of the securities held.

Securities / Derivatives

HKMA Warns of Risks in Leveraged Investment Products

09/08/2020

Banks should take into account Covid-19 in product due diligence and client suitability assessments, and exercise caution when dealing in leveraged products.

Enforcement

CBIRC Fines Two Major Banks for Data Privacy Breaches

09/08/2020

China Merchants Bank and Bank of Communications were fined for failing to protect the personal data of credit card customers.

AML / KYC

Wolfsberg Group Issues Guidance on SoW, SoF Checks

09/08/2020

The guidance outlines instances where Source of Wealth and Source of Funds information may need to be independently corroborated, and what to do if relevant standards are not met.