Anti-Money Laundering

Westpac, AUSTRAC Close to Settlement Over AML Breaches

24/09/2020

The final penalty amount, which could reach as high as A$1.5bn, is expected to be announced at a joint press conference in coming days.

Cybersecurity

SFC Identifies Cybersecurity Deficiencies at Internet Brokers

23/09/2020

The SFC found deficiencies relating to two-factor authentication, data encryption, session timeout, monitoring and surveillance, among other areas.

Trading & Investment

Malaysia Completes First KLIBOR-SOFR Cross-currency Basis Swap

23/09/2020

The USD 100 million trade was the first MYR – USD cross-currency transaction referencing the USD SOFR, which will replace USD LIBOR.

Reporting & Disclosures

EBA Seeks Input from Banks on ESG Risk Disclosure Practices

23/09/2020

The survey will support the EBA’s policy work on Pillar 3 disclosure and its wider efforts to develop a robust policy framework in the area of sustainable finance.

Credit Risk

APRA Offers Guidance on Handling of Deferred Loans

23/09/2020

Banks should immediately inform APRA and ASIC if they experience issues collecting on loans with repayment deferrals.

Market Risk

SEBI Issues Risk Management Rules for Negative Commodity Prices

23/09/2020

Clearing corporations are directed to ensure their systems are ready to implement the alternate risk management framework by 21 November.

Trading & Investment

Thailand to Lift Short-selling Restrictions Next Week

23/09/2020

As market volatility has returned to normal levels, SET and TFEX will return to its normal short selling rules and its normal ceiling and floor limits.

Fraud, Scams & Cybercrime

China Market Supervisor Issues Fines Against Luckin Coffee

22/09/2020

Luckin was able to falsely inflate revenue, costs and profits last year with the help of 43 third-party companies, which have also been fined.

Liquidity Risk

ASIC Directs Fund Managers to Correct Product Mislabelling

22/09/2020

ASIC has identified 14 funds using the term ‘cash’ in their names in a confusing and inappropriate way, and 3 others with a significant liquidity mismatch.