Enforcement

Korea: Woori, Hana Barred from Selling PE Funds for Six Months

04/03/2020

Woori Bank and Hana Bank are additionally being fined 19.71bn and 16.78bn won, respectively, for mis-selling of derivatives-linked funds.

Thai Banks to Give Borrowers One-year Grace on Loan Repayment

04/03/2020

A yearlong grace period on loan repayments is reportedly being offered by banks to companies in the tourism sector, exporters, importers and retailers.

Market Infrastructure

Central Banks Act to Mitigate Covid-19 Economic Threat

04/03/2020

The HKMA has responded to the US rate cut with a cut of its own. The RBA and BNM have also cut their key policy rates, while the BOJ focuses on asset purchases.

FSC Korea Plans New Legislation to Protect Delinquent Debtors

04/03/2020

The bill is aimed at helping delinquent debtors get back on their feet by limiting debt collection activities and requiring lenders to offer restructuring opportunities.

AML / KYC

OFAC Sanctions Two Chinese Nationals Over Stolen Cryptocurrency

03/03/2020

OFAC has linked two Chinese nationals to the 2018 theft of $250mn in cryptocurrency by the Lazarus Group, a US-designated North Korean cybercrime group.

Market Infrastructure

Covid-19 Presents Greatest Economic Danger Since GFC: OECD

03/03/2020

The OECD recommends providing banks with liquidity to allow them to help companies with cash-flow problems, and to consider reducing reserve requirements.

Market Infrastructure

SWIFT Reports Near Doubling of Year-on-year gpi Traffic

03/03/2020

Nearly two-thirds of all payments traffic on SWIFT is now sent via gpi, with the majority of transactions credited to end beneficiaries within 30 minutes or less.

Market Infrastructure

BNM Updates Regulatory Framework for Digital Banks in New Draft

03/03/2020

The new exposure draft incorporates a simplified regulatory framework for digital banks applicable during the initial three to five years of operations.

Securities / Derivatives

S. Korea Set to Introduce Trade Repository in October

03/03/2020

Legislative revisions have been approved establishing statutory provisions for a trade repository, and penalties up to 100mn won for failures to report OTC derivatives transaction information.