AML / KYC

Japan Banks Exit Forex Business Amid AML Cost Concerns

17/10/2019

While smaller banks are exiting the foreign exchange business entirely, larger banks are raising counter service fees for overseas remittances.

Market Infrastructure

Disclosure Can Contribute to Customer Harm: ASIC

17/10/2019

Disclosure can backfire in unexpected and harmful ways and should not be relied upon by itself to drive good consumer outcomes, ASIC says in a joint report with the Dutch regulator.

Enforcement

KEB Hana Under Added Scrutiny for Document Deletion

17/10/2019

KEB Hana Bank is said to have deleted data related to the sale of derivative-linked funds after the FSS had already declared its intent to conduct inspections at the bank.

Capital / Liquidity

PBOC Clarifies Definition of ‘Non-standard’ Credit Assets

17/10/2019

The clarification is important for new rules that will impose a cap on investments in non-standard credit assets by banks’ wealth management products.

Enforcement

RBI Deploys New Reporting System for Cooperative Banks

17/10/2019

Following the $560mn fraud detected at PMC Bank, the RBI is ordering all cooperative banks in the country to perform their daily reporting via the new system.

Capital / Liquidity

China Further Opens Banking, Insurance Sectors to Foreign FIs

16/10/2019

Effective immediately, foreign financial institutions can establish wholly-owned banks in China, which can be operated alongside foreign bank branches and Sino-foreign joint venture banks.

Market Infrastructure

FSB Reports on OTC Derivatives Reform Progress

16/10/2019

Comprehensive trade reporting requirements are in force in 23 of 24 FSB member jurisdictions, and authorities are increasingly making use of trade repository data.

Enforcement

ASIC Grants Advisers Relief From Compliance Obligation

16/10/2019

ASIC will grant a three-year exemption from the obligation to ensure that financial advisers are covered by a compliance scheme, and from the associated notification obligations.

Fintech / Regtech

Korea to Pilot Open Banking Platform From 30 Oct

16/10/2019

Banks and fintechs will pilot test the ability of customers to manage multiple bank accounts and withdraw and transfer money from within a single app.