AML / KYC

European Banking Federation Publishes AML Blueprint

11/03/2020

The EBF identifies four priorities that need to be addressed, from which it has formulated 20 concrete policy recommendations detailed in the blueprint.

Enforcement

SFC Considers Easing Data Storage Rules – Report

11/03/2020

Industry bodies are reportedly working with the SFC to clarify the rules and make compliance easier, though it is unclear what specific steps it will take to ease the requirements.

AML / KYC

Philippine Lawmakers File Bill Criminalising Cash Smuggling

11/03/2020

In the Philippines’ October 2019 mutual evaluation report, the APG noted low confiscation cases and detection levels in relation to bulk movements of currency across borders.

Fintech / Regtech

Japan FSA Launches Global Blockchain Governance Initiative

11/03/2020

The initiative is in line with a G20 Osaka commitment to promote engagement between regulators and stakeholders on decentralised financial technologies.

Market Infrastructure

ASIC Finalises New Licensing Framework for Foreign Firms

11/03/2020

The framework introduces a new ‘foreign AFS’ licensing regime, and licensing relief for foreign fund managers seeking to induce investment from certain professional investors such as super funds.

AML / KYC

S. Korea Passes New Regulatory Framework for Crypto Sector

11/03/2020

The ‘Special Financial Information Law’ authorises Korean financial regulators to oversee the crypto industry and develop AML rules in line with the FATF recommendations.

Capital / Liquidity

BSP to Adopt New Supervisory Assessment Framework From July

11/03/2020

The new SAFr – said to be more forward-looking compared to CAMELS – uses a four-point rating scale, focusing on FIs business models and compliance systems’ ability to mitigate risk.

AML / KYC

Terrorist Financing Threat Requires More Effective Response

10/03/2020

The current approach to terrorist financing is one-dimensional, overly simplistic and outdated, says a new paper from RUSI’s Centre for Financial Crime and Security Studies.

AML / KYC

India: Yes Bank Co-founder Arrested Over Illicit Kickbacks

10/03/2020

The arrest comes just days after the RBI seized control of Yes Bank due to its inability to raise capital to restore liquidity and address loan losses and credit downgrades.