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 – […]

AML / KYC

‘Global Coalition to Fight Financial Crime’ Formally Launches

07/06/2020

The GCFCC’s members include the Atlantic Council, Crime Stoppers International, EBF, Europol, FFIS, Freedom Seal, GFI, IIF, MENA FCCG, Rani’s Voice, Refinitiv, RUSI, and World Economic Forum.

AML / KYC

MAS Issues Consultation Response on FRC Framework

07/06/2020

Regulated entities will no longer need to seek MAS approval prior to commencing business arrangements with foreign related corporations; a 14-day ex-post notification will instead be required.

Enforcement

New Zealand FMA Files High Court Proceedings Against ANZ

07/06/2020

ANZ issued over 300 duplicate credit card repayment insurance policies, charging double premiums for no additional cover, and failed to cancel policies for over 400 ineligible customers.

Securities / Derivatives

HKEX Launches First Leveraged Commodities Product in Gold

07/06/2020

The introduction of the first gold futures leveraged product provides investors the ability to express a short-term market view on gold prices, says HKEX’s Brian Roberts.

Securities / Derivatives

Woori, Shinhan to Pay Compensation on Lime Asset Losses

07/06/2020

Woori and Shinhan will pay about 50% of principal invested in three suspended Lime funds, preemptively, while the FSS decides on a final compensation ratio.

Fintech / Regtech

RBI Creates $66mn Fund to Boost E-Payments Infrastructure

07/06/2020

The RBI will initially contribute half of the funding; the rest will come from card-issuing banks and card networks, who will also cover operational expenses.