Regulation Asia relies on a team of journalists, writers and editors to cover regulatory announcements across Asia Pacific. editorial@regulationasia.com
AML / KYC
BNM Issues Draft Rules on Financial Sector Use of Electronic KYC
17/12/2019
BNM recommends the use of AI, machine learning or other forms of predictive algorithms to ensure accurate identification and verification, and to automate decision-making in customer onboarding.
AML / KYC
HKMA Asks Banks, SVFs to Assess AML/CFT Risks of VASP Dealings
17/12/2019
Authorised institutions and SVF licensees should conduct appropriate risk assessments to differentiate the risks of the individual virtual asset service providers they deal with, the HKMA says.
Fintech / Regtech
FSC Korea Grants Preliminary Approval to Third Internet-only Bank
17/12/2019
Led by mobile money transfer app operator Viva Republica, the Toss Bank consortium expects to commence operations as an internet-only bank during the first six months of 2021.
Capital / Liquidity
Basel Committee Launches Consolidated Basel Framework
16/12/2019
The framework brings together all of the Basel Committee’s global standards for the regulation and supervision of banks.
Market Infrastructure
APRA Delays Implementation of Product Responsibility under BEAR
16/12/2019
APRA will delay finalising its consultation on the product responsibilities under BEAR to align with the government’s proposed extension of the accountability regime.
AML / KYC
SWIFT Opens KYC Registry to Corporate Groups
16/12/2019
Enabling corporate groups on the KYC Registry allows them to improve how their KYC data is structured, while freeing up their banking partners from having to chase down documentation.
Securities / Derivatives
IOSCO Unveils Framework for Monitoring Leverage-related Risks in Funds
16/12/2019
IOSCO has developed a framework for monitoring leverage across all types of investment funds globally, to help regulators assess leverage-related risks that can undermine financial stability.
Enforcement
RBNZ Orders ANZ New Zealand to Improve Director Attestation Processes
16/12/2019
A report from Deloitte shows some level of complacency in ANZ’s director attestation framework, but no evidence of a culture that supports non-compliance or deception.
Market Infrastructure
ASIC Increases Scrutiny on Audit Practices as Quality Drops
16/12/2019
ASIC’s latest inspection results show that audit firms did not obtain the required assurance in 26% of examined key audit areas, particularly in the audit of revenue and non-financial asset impairment.
Enforcement
MAS Revokes Fund Manager’s CMS Licence for Regulatory Breaches
16/12/2019
The CMS licensee is a Singapore company set up by CT Bright Holdings Limited, a joint investment vehicle formed by Thai conglomerate CP Group and Japan’s ITOCHU Corporation.
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