AML / KYC

Industrial Bank of Korea to Pay $86m for US Sanctions Violations

21/04/2020

The bank failed to capture and prevent USD 1 billion in transactions to Iranian entities, cleared through financial institutions located in New York including its own branch.

Market Infrastructure

India’s New Foreign Investment Rules ‘Discriminatory’, says China

21/04/2020

The additional barriers violate the WTO’s principle of non-discrimination, and go against the general trend of liberalisation and facilitation of trade and investment, says the Chinese Embassy in India.

APRA Announces Reporting Requirement for Early Superannuation Release

21/04/2020

RSE licencees are asked to complete and submit APRA’s new Early Release Initiative data collection form on a weekly basis. The first data collection is due on 20 April.

Securities / Derivatives

Korea: Banks, Brokers Propose ‘Bad Bank’ to Recover Lime Asset Losses

21/04/2020

19 banks and securities firms will likely comprise the new entity, which will be charged with acquiring and selling the assets of Lime Asset Management’s funds.

CBSL Announces New Loan Facility to Aid Businesses

21/04/2020

Loans granted to businesses by participating FIs under the facility will be limited to two months working capital, with 2 years repayment terms and a 4% p.a. interest rate.

Crypto / Digital Assets

Malaysian Police Arrest 14 Chinese Nationals in Crypto Scam

20/04/2020

The group was found to be impersonating successful investors and using WeChat and QQ group chats to lure mainland victims into investing.

Securities / Derivatives

Philippine SEC Moves to Protect Minority Shareholders from Abuse

20/04/2020

Asset sales representing 51% of total assets will require approval from two-thirds of shareholders; minority shareholders will be able to call meetings and add agenda items.

ESG / Sustainability

MAS Launches New Facility to Pump Cheap Loans to SMEs

20/04/2020

“Banks and finance companies will be able to make more loans to SMEs and at lower cost – in fact, we expect them to do so,” said MAS Managing Director Ravi Menon.

Market Infrastructure

PBOC Cuts Bank Lending Rates to Offset Covid-19 Pressures

20/04/2020

Policymakers said on Friday that monetary policies should make full use of RRR cuts, interest rate reductions and relending, indicating a shifting stance after GDP shrank 6.8% in Q1.