AML / KYC

Westpac Internal Probes Identify More AML Breaches

04/05/2020

Westpac has identified an estimated 60,000 to 90,000 threshold transaction reports that were not reported to AUSTRAC, and potential problems with its FATCA and CRS compliance.

Market Infrastructure

HSBC Seeks CBIRC Approval to Fully Acquire Insurance JV

04/05/2020

HSBC’s insurance unit has entered into an agreement to buy the remaining 50% equity interest in its China joint venture – HSBC Life China.

Market Infrastructure

FSB Issues Draft Guidance on Assessing CCP Financial Resources

04/05/2020

Five steps are proposed for public authorities to assess the adequacy of a CCP’s financial resources to support its orderly resolution and minimise financial stability risks.

Securities / Derivatives

S. Korea Enhances Flexibility for Financial Investment Businesses

04/05/2020

The legislative revisions will allow firms greater flexibility to implement Chinese walls and outsource key functions, while allowing for harsher penalties when issues arise.

Crypto / Digital Assets

FSA Japan Certifies Two SROs as New Crypto Laws Take Effect

04/05/2020

The certifications took effect from 1 May, the same day the FSA said it would start enforcing new laws on crypto assets.

Securities / Derivatives

CBIRC Issues Directions to BOC Over Oil Losses

04/05/2020

The CBIRC has asked Bank of China to improve its risk management and to negotiate with investors in good faith over an estimated 10bn yuan in losses in its crude oil product.

Super Funds Pay Out A$1.3b in First Week of Early Release Scheme

04/05/2020

The Association of Superannuation Funds of Australia estimates that super funds may have paid out A$7.1bn in total, including the second week of the initiative.

Securities / Derivatives

Malaysia SC Issues New Capital Market Advertising Guidelines

04/05/2020

Effective from 4 May, advertisers of capital markets products and services are no longer required to submit their advertisement materials to the SC for approval.

Securities / Derivatives

CSRC Eases Market Cap Requirement for CDR Issuance

04/05/2020

Innovative Chinese companies listed overseas will be eligible to list depositary receipts at home with just $2.8bn in market cap, compared to $28bn under 2018 rules.