Fintech / Regtech

CBIRC Issues Final Rules for Banks Engaged in Online Lending

23/07/2020

Online loans by banks should generally not exceed a one year term or 200,000 yuan per household. Banks must ensure loan proceeds are not used for property or risky investments.

Capital / Liquidity

Korean Regulators Approves K Bank Recapitalisation Plan

23/07/2020

K Bank’s recapitalisation plan was halted last April, forcing Korea’s first internet-only bank to stop offering loan products. It is now looking to regain ground lost to Kakao Bank.

AML / KYC

Singapore Court Fines Secretary Over North Korea Shipments

22/07/2020

The secretary pleaded guilty to three charges under the United Nations Act involving the shipment of luxury items to North Korea for her employer.

AML / KYC

MAS Penalises Asiaciti Trust for AML/CFT Failures

22/07/2020

Asiaciti Trust failed to put in place adequate procedures to establish source of wealth, and did not inquire into unusually large transactions by customers who were PEPs.

AML / KYC

BNM Issues Draft Rules on Merchant Acquiring Services

22/07/2020

The exposure draft sets out regulatory requirements for merchant acquiring services to ensure proper risk management amid rapid changes in the e-payments landscape.

Market Infrastructure

Refinitiv Launches Term SONIA Reference Rate Prototype

22/07/2020

Refinitiv’s announcement follows the launch of a beta version of term SONIA reference rates by ICE Benchmark Administration earlier this month.

AML / KYC

Malaysia Resumes Talks with Goldman on 1MDB Settlement

22/07/2020

A six-member team from Goldman Sachs has entered Malaysia to resume negotiations on a 1MDB settlement. A deal is believed to be within reach.

Fintech / Regtech

FSC Korea Targets Fair Competition, Data Safeguards for Financial Sector

22/07/2020

FSC chairman Eun Sung-soo is eyeing regulatory reforms to ensure fair competition, data security, and consumer protection as bigtechs enter financial services.

AML / KYC

Hong Kong Wealth Managers Scrutinise Clients for Political Links

22/07/2020

Wealth managers are said to be screening comments made by clients and their associates in public, in the media, and in social media posts as far back as 2014 to determine their political stance.