AML / KYC

Wolfsberg Group Publishes Guidance on Customer Tax Evasion

15/05/2019

Financial institutions should be able to leverage existing financial crime compliance, conduct and tax (including tax transparency regimes) procedures and controls, to address the risks of customer tax evasion.

Fintech / Regtech

Hong Kong, Thailand Central Banks Sign Fintech Collaboration Agreement

15/05/2019

HKMA and BOT have agreed to collaborate on fintech innovation, including through a joint research project on the development of a central bank digital currency.

Enforcement

Taiwan Adviser Found Embezzling $4.8mn Over 14 Years

14/05/2019

A Hua Nan Commercial Bank adviser allegedly withdrew money from client accounts and made loans in their names, before diverting the funds to a company operated by her relatives.

AML / KYC

New Zealand FMA Issues AML/CFT Warnings to 10 Reporting Entities

14/05/2019

The warnings relate to failures by the firms to comply with requirements to have their risk assessments and AML/CFT programmes audited every two years.

Market Infrastructure

Sri Lanka Signs Dual Bond Listing Deal with London

14/05/2019

Colombo’s stock exchange has signed an MoU to list domestic government bonds in London and enable LSEG to support the development of Sri Lanka’s capital markets.

Market Infrastructure

US SEC Proposes Amendments to Cross-Border Swaps Rules

14/05/2019

The proposals address issues in applying security-based swaps rules in a cross-border context, and leave supervision of foreign trading practices and market structures to home supervisors.

Market Infrastructure

Dhaka Bourse Mulls New Data Exchange Platform

13/05/2019

The DSE’s ‘Financial Data Exchange Platform’ will allow regulators, market infrastructures and financial institutions to safely and efficiently exchange messages and files.

Capital / Liquidity

Chinese Banks Record Highest NPLs Since 2003

13/05/2019

Despite the rise in overall NPLs at China’s commercial banks, a boost in new lending and bad asset disposal resulted in lower NPL ratios.

Market Infrastructure

Korea to Ease Data Barriers Within Financial Services Firms

13/05/2019

In addition to easing information barriers within financial services firms, the FSC will also allow them to outsource their core businesses to third parties with as fintech startups.