PEPs & Sanctions

Chinese Banks Plan for Possible US Sanctions – Report

09/07/2020

Bank of China and ICBC are reportedly preparing for worst-case possibilities that they could be cut off from US dollars or lose access to US dollar settlements.

Credit Risk

ASIC Directs Listed Firms to Disclose Covid-19 Impacts

09/07/2020

Firms should “tell the story” of how their businesses are impacted by the Covid-19 pandemic, including support and assistance received from government, lenders, landlords and others.

Anti-Money Laundering

Revised FATF Standards ‘Clearly Apply’ to Stablecoins

09/07/2020

Stablecoins are better placed than many virtual assets to achieve mass-adoption, which makes them vulnerable to AML/CTF risk, the FATF says.

Capital Adequacy

BCBS Finalises Targeted Revisions to CVA Risk Framework

08/07/2020

Completion of the final adjustments to the CVA framework represents the conclusion of outstanding policy work related to the Basel III framework.

Data Privacy

Denmark Introduces Mandatory Data Ethics Disclosure Rule

08/07/2020

From 1 January 2021, large and listed Danish companies will disclose information about their data ethics policy, AI tools and algorithms in annual reports.

Capital Adequacy

APRA Extends Regulatory Approach For Covid-19 Loan Deferrals

08/07/2020

APRA will also allow banks to treat loans restructured by 31 March 2021 as ‘performing’ for capital and regulatory reporting purposes.

Anti-Money Laundering

New York Regulator Fines Deutsche Bank for AML Failures

08/07/2020

Deutsche Bank has been fined $150mn for its dealings with known sex trafficker Jeffrey Epstein and its correspondent banking relationships with Danske Bank Estonia and FBME Bank.

Credit Risk

Record Korea Budget to Support Corporate Bond-buying

08/07/2020

The supplementary budget will cover a 1tr won capital injection for an SPV that will purchase low-rated corporate bonds and commercial paper.

Anti-Bribery & Corruption

Ex-ICBC Shanghai Boss Pleads Guilty to Bribery

08/07/2020

Prosecutors said Gu Guoming took advantage of his position to help others obtain loans and project contracts, and illegally received bribes worth over 136 million yuan.