AML / KYC

BSP to Promote Inclusion by Lowering Investment Account Minimum

15/07/2020

The BSP is considering lowering minimum amount a client must maintain in an investment account from ₱1mn to ₱100,000.

Securities / Derivatives

CSRC to Introduce Side Pocket Mechanism for Funds

15/07/2020

The CSRC first issued draft guidelines in August 2019, saying it was “learning from liquidity risk management in overseas markets”.

Securities / Derivatives

FSDC Proposals to Advance Hong Kong as Family Office Hub

15/07/2020

The Financial Services Development Council has identified four areas where reform is needed to make Hong Kong a “more conducive operating environment” for family offices.

AML / KYC

MAS Issues AML Outsourcing Guidance for Capital Market Firms

15/07/2020

MAS found material lapses in outsourced AML/CFT controls, largely the result of poor assessment and due diligence processes, and lax oversight and monitoring.

Securities / Derivatives

Thailand SEC Approves Rules on High-yield Bond Funds

15/07/2020

High-yield bond funds can be set up as non-redeemable closed-end mutual funds or investment trusts, with a maturity period of at least two years.

AML / KYC

BOK Takes Over Blockchain Authentication Tool BankSign

14/07/2020

BankSign was developed by Samsung SDS in collaboration with the Korea Federation of Banks to allow for easier customer authentication on different banks’ mobile apps.

Uncategorised

KPMG Cites Concerns Over ‘Questionable’ ZenRock Transactions

14/07/2020

KPMG was appointed as ZenRock’s interim judicial manager in May amid allegations from HSBC that the company engaged in “dishonest transactions”.

Enforcement

Chinese Financial Regulators Vow Crackdown on Fraud

14/07/2020

The FSDC set out measures to speed up investigations and criminal prosecutions, increase penalties and civil compensation, and improve stock market delisting mechanisms.

Capital / Liquidity

RBI Directs Banks to Conduct Stress Tests, Raise Capital

14/07/2020

RBI Governor Shaktikanta Das said minimum capital requirements may not be sufficient to absorb losses and maintain financial stability.