AML / KYC

UK FCA Fines Commerzbank $47m for 5 Years of AML Failures

19/06/2020

Commerzbank’s London Branch failed to conduct periodic due diligence on clients, address transaction monitoring weaknesses, and to have adequate CDD policies and procedures in place.

ESG / Sustainability

HKMA Publishes Banking Sector Talent Gap Findings

18/06/2020

Key skill gaps in the banking workforce were identified in areas relating to technology and data, cybersecurity, core banking knowledge, regulation and compliance, and climate risk management.

Securities / Derivatives

CSRC Approves Full JP Morgan Control of Futures Joint Venture

18/06/2020

JP Morgan will boost its stake in the joint venture from 49% to 100%, making it the first fully foreign-owned futures business in China.

Fintech / Regtech

MAS: 14 of 21 Digital Bank Applicants Assessed as ‘Eligible’

18/06/2020

These applicants assessed as eligible will progress to the next stage of assessment, where they will be invited to present their proposals via virtual meetings.

Enforcement

High-level Panel Proposes Overhaul of SEBI Enforcement Mechanism

18/06/2020

The panel says intermediary regulations need to be amended to speed up enforcement action, and that SEBI should be granted the authority to seize assets subject to investigation.

Enforcement

China: Former Insurance Regulator Jailed on Corruption Charges

18/06/2020

Xiang was fired from his post as the CIRC’s chairman in April 2017, and placed under investigation for accepting CNY 18.6 million in bribes between 2005 and 2017.

Market Infrastructure

Australia Allows Advisers More Time to Meet Exam Requirement

18/06/2020

Advisers would have had until the end of this year to complete the new Financial Adviser Standards and Ethics Authority exam. A newly-passed bill allows an extra year to do so.

Securities / Derivatives

India Launches Delivery-based Gas Trading Platform

18/06/2020

Participants will be able to digitally trade natural gas in both the spot and forward markets, facilitating price discovery and lowering overall gas prices.

Enforcement

ASIC Guidance Sets Out Scope of Product Intervention Powers

18/06/2020

The product intervention power allows ASIC to respond to harms in the financial sector, but it must consult with affected persons before each use of the power.