AML / KYC

NZ Police Seize $90m Allegedly Laundered with Bitcoin

25/06/2020

The seized bank funds, said to be connected to suspected Russian money launderer Alexander Vinnik, represent the largest ever asset restraint in New Zealand police history.

Enforcement

ASIC Issues ‘Best Interests’ Guidance for Mortgage Brokers

24/06/2020

Starting from 1 January 2021, ASIC will be closely monitoring conduct and outcomes to ensure mortgage brokers are effectively complying with the best interests duty.

Capital / Liquidity

FSC Korea Identifies 10 D-SIBs for 2021

24/06/2020

Shinhan Financial Group subsidiary Jeju Bank has been removed pursuant to April’s temporary easing of regulations to exclude small-sized regional banks from the designation.

Securities / Derivatives

BSE India Launches World’s First Almond Futures

24/06/2020

The new contract will enable transparent price discovery, ease trade for buyers and sellers, and allow producers and importers to hedge price risk.

Market Infrastructure

BOT Directs Banks to Suspend Dividends, Share Buybacks

24/06/2020

Commercial banks are asked to draw up new capital management plans for the next 1-3 years, taking into account expected economic and business trends following the pandemic.

AML / KYC

HSBC Offers Remote Account Opening to Hong Kong SMEs

24/06/2020

Recent initiatives by HSBC to shift to lower-cost, digital-first services are largely seen as a response to new competition from virtual banks in Hong Kong.

Enforcement

ASIC Seeks Penalties from CBA, Colonial First State

24/06/2020

Colonial First State is said to have used CBA’s branches and digital channels to sell superannuation products to more than 390,000 bank customers under a revenue-sharing arrangement.

AML / KYC

FMA Sues CLSA New Zealand for AML Breaches

24/06/2020

CLSA Premium NZ failed to adequately conduct customer due diligence, terminate certain business relationships, report suspicious transactions, and maintain records.

Market Infrastructure

ASEAN+3 Strengthens Regional Emergency Liquidity Programme

24/06/2020

The 2010 crisis liquidity programme has been revised to reinforce financial support, create additional flexibility, and introduce conditionality.