AML / KYC

EU Authorities Issue Framework for Supervisory Cooperation on AML/CFT

19/12/2019

The guidelines set out a framework for bringing together AML/CFT supervisors, prudential supervisors and third-country regulators to coordinate on multi-juridictional AML/CFT matters.

Market Infrastructure

Google Recommends India UPI Model for New US ‘FedNow’ Service

19/12/2019

UPI adoption has grown from 100,000 to 1.15 billion monthly transactions in four years, with 140 member banks using its rails to enable payments for customers.

Capital / Liquidity

S. Korea Bans Mortgage Lending on High-Priced Homes

18/12/2019

To protect against a looming housing bubble, Korea has banned mortgage loans on homes valued over 1.5 billion won in government-designated speculative areas.

Market Infrastructure

ASIC Approves ABA’s Updated Banking Code of Practice

18/12/2019

ASIC has given its final approval for the new version of the Banking Code of Practice, which implements recommendations from the Royal Commission.

Market Infrastructure

FSB Report Highlights Risks of Continued LIBOR Reliance

18/12/2019

In its latest progress report on benchmark reform implementation, the FSB calls for “significant and sustained efforts” to transition away from LIBOR by end-2021.

Market Infrastructure

FSB Publishes Work Programme for 2020

18/12/2019

The work programme for 2020 reflects the evolving nature of the global financial system and associated risks to financial stability, the FSB says.

Enforcement

ASIC Launches Court Proceedings Against NAB Over Service Fees

18/12/2019

NAB is alleged to have broken the law more than 12,000 times by charging customers fees for no service and issuing defective fee disclosure statements.

AML / KYC

US SEC Settles FCPA Charges Against Goldman’s Tim Leissner

18/12/2019

Leissner has agreed to be permanently barred from the securities industry for violating antibribery, internal accounting controls, and books and records provisions of federal securities laws.

Capital / Liquidity

Chinese Banks Told to Further Reduce Small Business Borrowing Costs

18/12/2019

The State Council has asked banks to further lower financing costs for small and micro businesses and to increase lending to such businesses by 20% over the next year.