AML / KYC

Philippines Launches Pilot Test of New National ID System

02/09/2019

The pilot test phase will initially focus on government and welfare services, but will later be expanded to include financial services.

Market Infrastructure

Indian Banks Taking Nearly Two Years to Detect Fraud: RBI

02/09/2019

The RBI said in its annual report that banks take an average of 22 months to detect fraud, and up to 55 months for frauds involving large amounts.

Market Infrastructure

SFC Launches ‘Key Risk Indicator’ Reporting Platform

02/09/2019

Initially, licensed corporations of 22 global FIs will have to submit data relating to their operations, conduct issues and prudential risk exposures on a monthly, quarterly and yearly basis.

Market Infrastructure

China Moves to Cut Off P2P Lenders’ Payment Channels

02/09/2019

Cutting off payment and settlement services will restrict the funds flowing in and out of P2P lenders, part of a regulatory crackdown on the sector.

Market Infrastructure

ASX to Streamline Transfers to CHESS Subregister

02/09/2019

ASX will remove a requirement for settlement-only participants to receive and provide a registrable transfer document for transfers, but will require validation checks.

Market Infrastructure

Singapore Takes Steps to Transition Away from SOR

02/09/2019

Singapore’s banking body and foreign exchange market committee have identified SORA as “the most robust and suitable” alternative interest rate benchmark to SOR.

Market Infrastructure

Shenzhen to Pilot Easier Rules on Foreign Exchange Transactions

30/08/2019

To facilitate payments in foreign currencies, SAFE’s Shenzhen branch will move away from the approval-based system to shorten settlement to just minutes rather than hours.

AML / KYC

BNM to Enforce AML Compliance at Law Firms in 2020

30/08/2019

BNM assistant governor Encik Adnan Zaylani Mohamad Zahid warns that enforcement action will be taken against legal professionals for AML non-compliance starting in 2020.

Securities / Derivatives

SEBI Extends Deadline for New Rules on Handling Client Securities

30/08/2019

Following feedback from stock exchanges and market participants, SEBI has decided to extend the effective dates in a June circular by one month.