Fintech / Regtech

NPP Australia Unveils Roadmap for New Payments Capabilities

30/10/2019

The roadmap includes the development of new structured data capabilities, third party payment initiation, and the ability to link regular payments to a mobile number.

Capital / Liquidity

Philippines Mulls Imposing Limits on Lending Rates, Fees

30/10/2019

The BSP is considering placing limits on the interest rates and other fees lenders and finance companies can charge borrowers in response to a request from the SEC.

Fintech / Regtech

HKMA Stresses Consumer Protection Ahead of Open Banking Phase II

30/10/2019

The HKMA outlines its expectations for the consumer protection practices financial institutions should adopt for Open API Phase II and beyond.

AML / KYC

LEI Use in Onboarding Could Save Banks Up to $4bn Annually

30/10/2019

In addition to cost savings, LEI use in client onboarding would speed up time to revenue, improve compliance and credit risk mitigation, and enable better tracking of suspicious entities.

Securities / Derivatives

HKEX Issues Guidance for Overseas Companies Seeking HK Listings

29/10/2019

The guidance materials have been enhanced to improve access to the Hong Kong market and to facilitate the application process.

Market Infrastructure

APRA to Delay Launch of New Data Collection Solution

29/10/2019

APRA is reviewing its implementation approach due to the complexity and significant burden of migrating all existing collections to the new solution.

AML / KYC

FATF Issues Best Practice Paper on Beneficial Ownership

29/10/2019

FATF mutual evaluations have shown that many jurisdictions are still finding it challenging to ensure transparency of ownership of legal persons.

Enforcement

ASIC Wins Appeal in Westpac Super Switching Case

29/10/2019

The ruling could limit the ability of financial services firms to market and cross-sell investment products using the ‘general advice’ allowance under the law.

Enforcement

ASIC Imposes Additional Licence Conditions on IOOF

29/10/2019

ASIC granted a licence variation requested by IOOF’s investment services unit, but has decided to also impose additional licence conditions.