Enforcement

ATO Warns of Penalties for Wrongful Early Super Withdrawal

21/06/2020

The ATO is using income tax returns and other data to ascertain whether applicants are in fact eligible. Those making false statements to meet the eligibility criteria will face penalties.

AML / KYC

Singapore Court Charges Two for North Korea Linked Bank Fraud

21/06/2020

The two are accused of falsifying invoices to conceal from UOB and OCBC the sale of sugar to North Korea entities. One of the individuals is also on the FBI’s most-wanted list.

Capital / Liquidity

Chinese Officials Ask Banks to ‘Bear the Costs’ of Rising Bad Debt

21/06/2020

Chinese banks are asked to sacrifice 1.5tr yuan in 2020 profits to support businesses through lower lending rates and fees, loan repayment deferrals, and bad debt write-offs.

Capital / Liquidity

RBI Unveils Regulatory Framework for Housing Finance Companies

19/06/2020

The new framework introduces enhanced capital and liquidity requirements for HFCs, and restrictions on intra-group exposures, among other changes.

Fintech / Regtech

European Fintechs Launch New Industry Association

19/06/2020

The European FinTech Association will seek to remove cross-border barriers in financial services, including to streamline fragmented AML rules and address IBAN discrimination.

Fintech / Regtech

BOT Unveils New Project to Use CBDC for B2B Payments

19/06/2020

A CBDC prototype developed by Digital Ventures will be integrated with systems at industrial conglomerate Siam Cement PCL and its suppliers.

Enforcement

CFTC Settles Deutsche Bank Spoofing, Swaps Reporting Cases

19/06/2020

Deutsche Bank will pay $9mn for violating swap data reporting requirements during a system outage, and $1.25mn for spoofing carried out by two Tokyo-based traders.

Enforcement

SFC Publicly Criticises CICC Units for Breaching Takeovers Code

19/06/2020

CICC and CICC Financial Trading – as associates of the CICC securities unit advising on certain offers – dealt in the relevant securities without making timely disclosures.

Capital / Liquidity

Bangladesh Defers End Date of Covid-19 Loan Classification Rules

19/06/2020

Banks should not change the classification of loans between 1 January and 30 September this year, even if borrowers fail to meet their scheduled repayment obligations.