Securities / Derivatives

China to Accelerate Capital Market Reforms – Report

28/08/2019

The CSRC said it has adapted its plan to accelerate the opening-up of the capital market from international best practices.

AML / KYC

Philippine Police Arrest Former Govt Official for Banking Law Violations

28/08/2019

Former foreign affairs secretary Perfecto Yasay Jr is reportedly accused of conspiring to obtain a $6.7mn loan for a company without reporting the loan to the central bank.

Capital / Liquidity

PBOC Sets Mortgage Rate Floor to Curb Risk

28/08/2019

The rate on mortgages for first-time home buyers must be at least the loan prime rate; for second-time home buyers it must be at least LPR plus 60bp.

AML / KYC

AUSTRAC Campaign Targets Illegal Money Transfer Dealers

28/08/2019

The campaign seeks to raise community awareness of the money laundering threat that unregistered money transfer dealers pose.

Fintech / Regtech

ACCC Invites Firms to Test Open Banking Data Sharing

27/08/2019

The ACCC is seeking participants to help it test the data-sharing ecosystem under the consumer data right, which was passed into law earlier this month.

Enforcement

ASIC Allows AFCA to Name-and-Shame Financial Firms

27/08/2019

ASIC says the move will enhance transparency and accountability of firms’ performance in complaints handling, and of AFCA’s own decision-making.

Australia to Introduce Best Interests Duty for Mortgage Brokers

27/08/2019

Under draft legislation released by the government, mortgage brokers that fail to act in the best interests of consumers will face fines of up to A$1.05mn.

Fintech / Regtech

China to Accelerate Development of Fintech Regulatory Framework

27/08/2019

The PBOC said it will accelerate the development of a regulatory framework for fintech in a bid to promote China as a world leader in financial technology.

Enforcement

US SEC Fines Deutsche Bank $16m for Corrupt Hiring Practices

27/08/2019

Between 2006 and 2014, Deutsche Bank hired relatives of executives of Chinese and Russian state-owned enterprises to generate business for the bank.