Clearing & Post-Trade

Hong Kong to Implement Paperless Securities Market from 2022

08/04/2020

Submissions to a January 2019 consultation indicate strong support for the implementation of an uncertificated securities market in Hong Kong.

Liquidity Risk

BOT to Stabilise Corporate Bond Market, Ramp Up SME Support

08/04/2020

Among the new measures announced are six-month loan payment holidays and new low-cost loans for SMEs, and the establishment of a corporate bond stabilisation fund.

Anti-Money Laundering

Malaysia: BNM to Implement New Currency Law

08/04/2020

BNM will continue to consult on an economy-wide cash transaction limit, which it will be able to implement under the Currency Act 2020.

Capital Adequacy

Sri Lankan Brokers Prohibited from Charging Interest on Margin Loans

08/04/2020

The central bank has also suspended overseas investment and outward remittances by Sri Lankan residents, and cut interest rates for the second time in three weeks.

Operational Risk

ASIC, APRA Offer Best Practice Recommendations on LIBOR Transition

08/04/2020

ASIC, APRA and the RBA warn that a failure to transition to alternative reference rates could lead to significant reputational, operational and legal risk and disrupt financial markets.

Fraud, Scams & Cybercrime

RBI to Establish New Banking Fraud Oversight Division

08/04/2020

The initiative has reportedly been sped up in response to recent frauds at Yes Bank and Punjab National Bank.

KYC & CDD

HKMA Encourages Remote Onboarding to Manage Covid-19 Challenges

07/04/2020

AIs and SVF licensees are encouraged to continue the provide the public convenient account opening and access to banking and payment services.

PEPs & Sanctions

OFSI Fines Standard Chartered $25m for Sanctions Breaches

07/04/2020

Standard Chartered made a series of loans to a Turkish private bank, which at the time was almost wholly owned by Sberbank, a sanctioned Russian bank.

Cryptocurrency

FSA Japan to Enforce New Crypto Laws from May

07/04/2020

Changes to two pieces of legislation will ensure better investor protection, and bring custodians, ICOs, STOs and crypto derivatives under the FSA’s remit.