AML / KYC

PBOC Promises Crackdown on Illegal Overseas Gambling

16/06/2020

Payments industry stakeholders are directed to strengthen customer identification, report suspicious transactions, and improve surveillance.

Enforcement

ASIC Imposes Licence Conditions on Societe Generale Securities

16/06/2020

Societe Generale Securities Australia self-reported to ASIC that it deposited client money into unauthorised bank accounts.

Market Infrastructure

HKEX’s OTC Clear Introduces Client Clearing Services

15/06/2020

Market participants who are not themselves clearing members of OTC Clear can gain access to the benefits of central clearing through existing clearing members.

AML / KYC

Two Singaporeans Charged for Cheating Eight Banks

15/06/2020

Two former employees of a crude oil products supplier allegedly created fictitious sales contracts and invoices to obtain $340mn in financing from eight banks.

Securities / Derivatives

HKMA to Select Managers for New Growth Portfolio by H2 – Report

15/06/2020

The sovereign growth portfolio will invest in Hong Kong-specific projects, aimed at lifting the city’s competitiveness in financial services, commerce, aviation, logistics and innovation.

Enforcement

ASIC Expects Higher Industry Levies for 2019-20

15/06/2020

The two biggest levy components are enforcement and surveillance which are 27% and 47% higher year-on-year, respectively.

Enforcement

India Proposes to Decriminalise Bounced Cheques

15/06/2020

Currently in India, bounced cheques can carry a jail sentence of up to two years and a fine up to twice the value of the cheque, or both.

AML / KYC

Bank of Papua New Guinea Eyes KYC Utility

15/06/2020

A KYC utility will reportedly be introduced next year as a joint project between Pacific Island countries – Samoa, Tonga, Vanuatu, Fiji, Solomon Islands and PNG.

Securities / Derivatives

Shanghai Bourse Lists First ETF Tracking French Stocks

15/06/2020

The listing of the new ETF represents the culmination of the SSE’s capital markets cooperation with Euronext, following an MOU signed in October 2018.