AML / KYC

SET Unveils Gateway to Access National Digital ID Platform

22/07/2019

The new gateway will reduce the setup costs required to access the NDID and enable financial firms to enable full digitisation of customer onboarding more quickly.

Enforcement

HKMA Delegated Powers to Inspect Banks’ Insurance Business

22/07/2019

The Insurance Authority is delegating inspection and investigation powers to the HKMA in relation to insurance related business conducted by authorised institutions.

Market Infrastructure

SEBI Proposes Additional Requirements for Resigning Auditors

22/07/2019

Under the proposal, auditors will be required to finalise their audit reports and make detailed disclosures regarding their reasons for resignation from listed companies.

ASIC Proposes Total Ban on Insurance Sales by Phone

21/07/2019

ASIC’s ban will protect consumers where sales issues and consumer harm have already been identified, ahead of wider legislative reform by the government.

Capital / Liquidity

SEBI Tightens NPA Disclosure Requirements for Listed Banks

21/07/2019

Listed banks will have to make disclosures if the additional provisioning for NPAs assessed by RBI exceeds 10% of reported profit, compared to 15% previously.

Market Infrastructure

SWIFT Completes Latest gpi Trial with Singapore FAST

21/07/2019

All cross-border payments in the trial, which involved 17 banks across 7 countries, settled end-to-end within 25 seconds. SWIFT gpi has also now been introduced for corporates.

Crypto / Digital Assets

Thailand to Mandate Extra Reporting Rule for Digital Asset Trades

19/07/2019

Digital asset exchanges will have to report all trades exceeding 5 million baht to commercial banks, which will then report the transactions to the Thailand’s Anti-Money Laundering Office.

Enforcement

S. Korea Forms Special Unit to Investigate Unfair Trading

18/07/2019

The squad comprises 16 special judicial police officers, one FSC public official and 15 FSS employees, tasked with handling unfair trading cases under the command of Seoul prosecutors.

Market Infrastructure

New Zealand FMA Assesses Financial Sector Cyber Resilience

18/07/2019

Market participants appear to be relying heavily on protective measures, while underinvesting in detection measures as part of their overall cyber-resilience, the FMA said.