AML / KYC

Hong Kong: SME Director Gets 44 Months Jail for Loan Fraud

20/04/2020

The SME director was sentenced for conspiring to defraud five banks, the Trade and Industry Department, and the Hong Kong Mortgage Corporation.

Securities / Derivatives

CSRC Approves Credit Suisse Majority Control of Securities JV

20/04/2020

The approval allows Credit Suisse to raise its stake in a joint venture with Founder Securities from 33.3% to 51%, making it the latest foreign firm to gain majority control of a domestic brokerage in China.

AML / KYC

India Moves to Prevent ‘Opportunistic Takeovers’ by Chinese Investors

19/04/2020

India has introduced a pre-approval requirement for all foreign investment from seven countries including China to curb “opportunistic takeovers or acquisitions” of Indian companies.

AML / KYC

S. Korea AML/CFT Framework Significantly Strengthened: FATF

19/04/2020

Korea demonstrates effective cooperation among local authorities, the private sector and foreign counterparts; and effective use and development of financial intelligence.

APRA Announces Reporting Requirement for SME Guarantee Scheme

18/04/2020

Lenders approved to participate under the Scheme must complete the new returns on a weekly basis, with the first collection due on 1 May.

HKMA, Banks to Launch Debt Payment Holiday Scheme for Corporates

18/04/2020

All corporate customers with annual turnover under HK$800mn and with no outstanding loan payments more than 30 days overdue are eligible for the principal payment holiday.

Capital / Liquidity

RBNZ Working with ANZ NZ to Improve Model Compliance

18/04/2020

The latest section 95 report identifies that 17 wholesale credit models and the operational risk capital model approach currently in use at ANZ NZ are not approved by the RBNZ.

Securities / Derivatives

SFC Seeks Certainty on ETF Market Making Continuity

18/04/2020

ETF management companies should procure more than one market maker, or secure arrangements for alternative market makers to quickly step in if there is a disruption.

Market Infrastructure

MAS, ESMA Sign MOU on Singapore’s Financial Benchmarks

18/04/2020

The MOU and last year’s equivalence decision from the European Commission ensure that FIs in the EU can continue using SIBOR and the SOR as reference rates in their contracts.