AML / KYC

HSBC Reports Possible AML Breaches at Australian Subsidiary

08/04/2020

Where appropriate, provisions have been made against possible penalties for underreporting of cross-border transactions and other investigations, reviews and inquiries that may involve the bank.

Capital / Liquidity

HKMA Reduces AIs’ Regulatory Reserve Requirement

08/04/2020

The regulatory reserve release should be used to support customers impacted by Covid-19, and not to distribute dividends, buy back shares or pay bonuses.

Securities / Derivatives

SGX RegCo Suspends Issuer Watch List, Raises Share Issue Limits

08/04/2020

The measures will help SGX issuers to focus on meeting current business and economic challenges and accelerate fund-raising efforts to address liquidity issues.

Capital / Liquidity

BSP Offers Banks Mark-to-Market Relief, Cuts Liquidity Requirements

08/04/2020

The accounting relief allows banks to effectively reverse unrealised losses resulting from a change in fair value. The MLR cut frees up almost $200mn for smaller lenders.

Enforcement

Australia: 10yr Jail Term Imposed for Superannuation Misappropriation

08/04/2020

The director of a group of companies used A$1.2mn from self-managed superannuation funds intended for property investments to “fund a lavish lifestyle”.

APRA Suspends Issuance of New Licenses

08/04/2020

Given the challenges new entrants face even under normal economic conditions, APRA does not consider it prudent to license new entities for at least the next six months.

Securities / Derivatives

Hong Kong to Implement Paperless Securities Market from 2022

08/04/2020

Submissions to a January 2019 consultation indicate strong support for the implementation of an uncertificated securities market in Hong Kong.

Securities / Derivatives

BOT to Stabilise Corporate Bond Market, Ramp Up SME Support

08/04/2020

Among the new measures announced are six-month loan payment holidays and new low-cost loans for SMEs, and the establishment of a corporate bond stabilisation fund.

AML / KYC

Malaysia: BNM to Implement New Currency Law

08/04/2020

BNM will continue to consult on an economy-wide cash transaction limit, which it will be able to implement under the Currency Act 2020.