Payments & Settlements

Australia Considers Consolidation of Payment Infrastructures

08/06/2020

An industry committee has been set up to explore the benefits of a consolidating the NPP, BPAY and eftpos – […]

Anti-Money Laundering

‘Global Coalition to Fight Financial Crime’ Formally Launches

07/06/2020

The GCFCC’s members include the Atlantic Council, Crime Stoppers International, EBF, Europol, FFIS, Freedom Seal, GFI, IIF, MENA FCCG, Rani’s Voice, Refinitiv, RUSI, and World Economic Forum.

Structural Regulation

MAS Issues Consultation Response on FRC Framework

07/06/2020

Regulated entities will no longer need to seek MAS approval prior to commencing business arrangements with foreign related corporations; a 14-day ex-post notification will instead be required.

Conduct, Culture & Accountability

New Zealand FMA Files High Court Proceedings Against ANZ

07/06/2020

ANZ issued over 300 duplicate credit card repayment insurance policies, charging double premiums for no additional cover, and failed to cancel policies for over 400 ineligible customers.

Trading & Investment

HKEX Launches First Leveraged Commodities Product in Gold

07/06/2020

The introduction of the first gold futures leveraged product provides investors the ability to express a short-term market view on gold prices, says HKEX’s Brian Roberts.

Fraud, Scams & Cybercrime

Woori, Shinhan to Pay Compensation on Lime Asset Losses

07/06/2020

Woori and Shinhan will pay about 50% of principal invested in three suspended Lime funds, preemptively, while the FSS decides on a final compensation ratio.

Payments & Settlements

RBI Creates $66mn Fund to Boost E-Payments Infrastructure

07/06/2020

The RBI will initially contribute half of the funding; the rest will come from card-issuing banks and card networks, who will also cover operational expenses.

Anti-Money Laundering

Hong Kong ICAC Charges Four for Defrauding DBS Bank

07/06/2020

The individuals are charged for money laundering, bribery offences, and for using false documentation to defraud DBS into issuing letters of credit worth HK$75.3mn.

Market Abuse

S. Korean Prosecutors Seek Arrest of Samsung Execs for Illegal Trading

07/06/2020

Samsung’s de facto head, Lee Jae-yong, and two of his senior lieutenants could face charges of illegal trading and stock price manipulation, among other charges.