AML / KYC

Malaysia: BNM to Implement New Currency Law

08/04/2020

BNM will continue to consult on an economy-wide cash transaction limit, which it will be able to implement under the Currency Act 2020.

Capital / Liquidity

Sri Lankan Brokers Prohibited from Charging Interest on Margin Loans

08/04/2020

The central bank has also suspended overseas investment and outward remittances by Sri Lankan residents, and cut interest rates for the second time in three weeks.

Market Infrastructure

ASIC, APRA Offer Best Practice Recommendations on LIBOR Transition

08/04/2020

ASIC, APRA and the RBA warn that a failure to transition to alternative reference rates could lead to significant reputational, operational and legal risk and disrupt financial markets.

Enforcement

RBI to Establish New Banking Fraud Oversight Division

08/04/2020

The initiative has reportedly been sped up in response to recent frauds at Yes Bank and Punjab National Bank.

AML / KYC

HKMA Encourages Remote Onboarding to Manage Covid-19 Challenges

07/04/2020

AIs and SVF licensees are encouraged to continue the provide the public convenient account opening and access to banking and payment services.

AML / KYC

OFSI Fines Standard Chartered $25m for Sanctions Breaches

07/04/2020

Standard Chartered made a series of loans to a Turkish private bank, which at the time was almost wholly owned by Sberbank, a sanctioned Russian bank.

Crypto / Digital Assets

FSA Japan to Enforce New Crypto Laws from May

07/04/2020

Changes to two pieces of legislation will ensure better investor protection, and bring custodians, ICOs, STOs and crypto derivatives under the FSA’s remit.

Capital / Liquidity

MAS Relaxes Capital Rules, Defers Policy Implementation

07/04/2020

MAS has adjusted banks’ capital and liquidity requirements to help sustain their lending activities, while also deferring a host of regulatory initiatives until further notice.

APRA Asks ADIs, Insurers to Suspend Dividends, Cash Bonuses

07/04/2020

Where Boards are confident they can approve a dividend on the basis of robust stress testing results that have been discussed with APRA, it should be at a “materially reduced level”.