Regulation Asia relies on a team of journalists, writers and editors to cover regulatory announcements across Asia Pacific. editorial@regulationasia.com
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.
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.
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