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”.

Enforcement

SFC Fines HSBC Units for Cash Management Failures at Funds

07/04/2020

The identified concerns have all since been rectified, and the two units have agreed to pay over $430,000 into the affected funds, on top of a $451,000 fine from the SFC.

Enforcement

US Court Reverses 2017 Dismissal of Rate Rigging Suit Against Banks

07/04/2020

The decision effectively revives a suit by a group of investment funds against major banks over their alleged manipulation of yen LIBOR and euroyen TIBOR between 2006 and 2011.

AML / KYC

Singapore: Suspect Arrested in Covid-19 Money Laundering Case

06/04/2020

Quick intervention by seven banks allowed enabled the recovery of more than 60% of the amount scammed in the fraudulent sale of surgical masks and hand sanitisers.

Capital / Liquidity

Singapore Govt to Increase Risk Share on SME Loans

06/04/2020

The government will increase its risk share of loans made under existing loan financing schemes from 80% to 90%, for loans initiated from 8 Apr until 31 Mar 2021.