AML / KYC

Global AML, Sanctions Fines Topped $8bn in 2019: Fenergo

02/04/2020

Last year was the second-biggest year on record for fines against financial institutions for AML and sanctions violations, according to a new report from Fenergo.

RBI Grants Exemptions to Small Finance Banks

02/04/2020

Existing small finance banks will not need prior RBI approval to undertake non-risk sharing simple financial service activities or open banking outlets in unbanked rural centres.

AML / KYC

Hong Kong: SME Director Pleads Guilty to Defrauding 5 Banks

02/04/2020

DBS, HSBC, ICBC, Dah Sing Bank and Wing Hang Bank were defrauded of about HK$47.5mn in loans and banking facilities.

Philippines Mandates 30-Day Grace on Loans During Covid-19 Lockdown

02/04/2020

All lenders are barred from charging interest, penalties, fees, or other charges on all loans to individuals, households, MSMEs and corporate borrowers during Luzon’s enhanced community quarantine.

Securities / Derivatives

CSRC Starts Accepting Licence Applications from US Fund Managers

02/04/2020

BlackRock and Neuberger Berman applications to set up wholly-owned mutual fund units were accepted on the first day foreign ownership caps were scrapped in China.

APRA, RBA Announce Changes to Financial Firms’ Reporting Obligations

02/04/2020

The agencies are standardising quarterly reporting due dates, deferring two reporting initiatives, and introducing a new reporting standard for SME lending.

NZ Banks Get Government Guarantee on New Loans

02/04/2020

Business loans under a new NZ$6.25bn scheme will be supported by a government guarantee on 80% of the loan amount.

Securities / Derivatives

India Further Opens Bond Market to Non-resident Investors

02/04/2020

The RBI has fully opened certain categories of government securities to non-resident investors and raised the FPI limit for investment in corporate bonds.

Market Infrastructure

Australia Tightens Foreign Investment Rules, Citing National Interest

02/04/2020

Federal approval is now required for all proposed foreign investments regardless of value or the nature of the foreign investors.