AML / KYC

Westpac Expected to Reveal New AML Provisions in Annual Report

09/10/2019

The bank disclosed since last year that it could be fined for nine years of AML failures, but it has not yet had enough information to make provisions against the possible penalties.

Securities / Derivatives

UPDATED – SFC to Raise Investor Compensation Limit

09/10/2019

Respondents to an April 2018 consultation strongly supported an increase in the compensation limit, among other proposals, which the SFC expects to implement in early 2020.

Securities / Derivatives

HKEX Closing Auction Expands to All Equities, Funds

09/10/2019

The move will help improve trading liquidity at close, simplify trading operations for market participants, and standardise closing times for equities.

Market Infrastructure

China-Japan ETF Connect Slow to Gain Traction

09/10/2019

Assets in the cross-border feeder ETFs have dropped in the three months since the scheme was launched, by more than two-thirds in the case of the Japan-invested assets.

Fintech / Regtech

MPFA to Complete eMPF Platform Bidding Process by Year-End

09/10/2019

Hong Kong’s MPF System relies on cheque settlement, manual handling and paper transactions. The MPFA aims to launch a new ‘eMPF Platform’ in 2022.

AML / KYC

BOT Plan to Allow Biometric e-KYC Delayed in Testing

09/10/2019

The BOT had planned to allow the use of biometric identity verification for account opening by Q3 this year, but testing in the sandbox has not yet been completed.

Capital / Liquidity

ISDA Chief Calls for Specific Changes to CVA Framework

09/10/2019

The current CVA rules due for implementation in January 2022 could lead to an inappropriately sharp increase in capital requirements for derivatives businesses.

Market Infrastructure

Japan Hosts First-ever TCFD Summit

09/10/2019

Speaking at the Summit, BOE governor Mark Carney lauded Japan’s support for the TCFD, but said more needs to be done globally to enhance climate-related financial disclosures.

AML / KYC

Singapore Banker Faces 94 Charges for S$1.9m Fraud

08/10/2019

The former banker allegedly told his victims their funds would be placed as fixed deposits or in financial products, resulting in client losses over S$1.9mn.