AML / KYC

RBI Allows Regulated Entities to Use Video-based KYC

10/01/2020

Financial services firms can record video and capture photos of customers presenting their identity document for verification. Electronically-submitted and digitally-signed documents can also be accepted.

Market Infrastructure

Vietnam Central Bank Sets Out 2020 Policy Tasks

10/01/2020

The key policy tasks for the year include reducing banking sector NPLs to below 2% and promoting the use of non-cash payments.

Market Infrastructure

PBOC Reverses No Interest Policy for Payments Companies – Report

10/01/2020

The PBOC will pay just 0.35% annually on customer money that payments firms hold with the central bank, but the move marks a reversal of an earlier decision to pay no interest.

Securities / Derivatives

JP Morgan Applies for Control of China Futures Business

10/01/2020

The application to take a majority stake in Guangdong-based JPMorgan Futures follows the removal of the foreign ownership limit for futures companies on 1 January 2020.

Capital / Liquidity

RBI Introduces Supervisory Action Framework for Troubled UCBs

09/01/2020

Under the framework, the RBI will monitor UCBs’ asset quality, profitability and capital, and initiate supervisory action when specific thresholds are breached.

Market Infrastructure

ESMA Grants LEI Reporting Relief to Non-EU Issuers Under SFTR

09/01/2020

ESMA has granted non-EU issuers of securities and collateral a 12-month grace period before they are required to report LEIs under SFTR.

Enforcement

ASIC Bans Ex-AMP, NAB Adviser for Four Years

09/01/2020

An ASIC review of advice files found a failure to make sufficient inquiries into client circumstances and existing financial products when providing advice.

BOT Directs Banks to Adopt Fairer Fee Structures

09/01/2020

Banks are instructed to lower the interest costs and fees loan prepayments and late repayments, and to adopt grace periods to reduce borrower burdens.

Enforcement

Nine Korean Banks Face Legal Action for Selling Loss-Making Funds

09/01/2020

Investors are reportedly preparing for a suit against banks which sold them loss-making funds from Lime Asset Management without properly disclosing the risks.