AML / KYC

HSBC Switzerland to Pay $192mn to Settle US Tax Evasion Probe

12/12/2019

HSBC Switzerland has admitted to conspiring with US taxpayers to evade taxes and helping them to hide more than $1bn in assets from tax authorities.

Market Infrastructure

CPMI, IOSCO Share Lessons of Supervisory Cooperation on Market Infrastructures

12/12/2019

Among the key features of successful cooperative arrangements are strong, trusted relationships between authorities and a willingness to exchange information.

Market Infrastructure

China Issues Revised Trading Rules for Interbank FX Market

12/12/2019

The rules are intended for both domestic and foreign institutions, in line with recent draft rules from SAFE that sought to allow foreign firms to trade RMB foreign exchange derivatives.

Market Infrastructure

CBIRC Offers Update on Banking, Insurance Opening-Up

12/12/2019

From January to October, the CBIRC has approved over 30 applications from foreign firms looking to either establish operations or commence business in China.

MPFA Commences Tendering Process for New eMPF Platform

12/12/2019

Companies that meet the technical requirements of the eMPF project are encouraged to form consortia and submit tenders by 9 April 2020.

Securities / Derivatives

NSE Launches Interest Rate Options on 10-Yr Govt Bond

11/12/2019

Interest rate options on 10 year government bonds provide institutional investors a new tool to hedge interest rate risk.

Sri Lanka to Introduce Legislation to Regulate Moneylenders

11/12/2019

Moneylenders do not currently fall under any licensing or regulatory regime in Sri Lanka unless they accept deposits.

AML / KYC

Japan Banks to Join JPM Blockchain Initative to Boost AML Measures

11/12/2019

Japanese banks are looking to use JP Morgan’s Interbank Information Network to bolster AML measures because it makes screening of cash recipients faster and more efficient.

AML / KYC

RBA Underlines High Cost of Cross-Border Transfers via Big Banks

11/12/2019

The average mark-up over the wholesale exchange rate is around 5.5% for the major banks, versus about 1% for the digital money transfer services, said RBA governor Philip Lowe.