Anti-Money Laundering

FMA Sues CLSA New Zealand for AML Breaches

24/06/2020

CLSA Premium NZ failed to adequately conduct customer due diligence, terminate certain business relationships, report suspicious transactions, and maintain records.

Liquidity Risk

ASEAN+3 Strengthens Regional Emergency Liquidity Programme

24/06/2020

The 2010 crisis liquidity programme has been revised to reinforce financial support, create additional flexibility, and introduce conditionality.

Credit Risk

BCBS Proposes Risk Weight Floor for NPL Securitisations

23/06/2020

The BCBS identified a gap in the regulatory framework for securitisations of non-performing loans, which it is seeking to address through a new technical amendment.

Anti-Money Laundering

SFC Bans Former Guosen Head of Dealing for 12 months

23/06/2020

The head of dealing “turned a blind eye” to internal control deficiencies in relation to third party deposits brought to her attention by its staff since 2013.

AI Risk & Governance

BOK to Boost AI Capabilities Through Kakao Partnership

23/06/2020

Kakao Enterprise’s AI technology will initially be used for task support such as taking meeting minutes, before the partnership later expands to support BOK policy-making.

Structural Regulation

UK to Grant FCA Additional Powers to Facilitate LIBOR Retirement

23/06/2020

Legislative amendments will empower the FCA to prohibit or limit the use of LIBOR, or to direct a change in its methodology, to address the issue of ‘tough legacy’ contracts.

Structural Regulation

India to Restrict Foreign Ownership of Pension Funds

23/06/2020

Under draft rules, government approval will be required for investment in an Indian pension fund from land-border countries including China; a 49% cap is proposed for other foreign investors.

Credit Risk

BOT Announces ‘Phase 2’ Measures to Support Debtors

23/06/2020

Lenders are directed to sustain debtors through lower interest rates and fees, expanded credit limits, delayed property seizures, and other debt relief and restructuring measures.

Structural Regulation

Bangladesh Bank Eases Foreign Investor Repatriation Policy

23/06/2020

Remittances of share sale proceeds to non-resident foreign investors no longer need prior approval from the central bank if pricing is determined based on the net asset value approach.