AML / KYC

Australia Records Decline in Payment Fraud Rates

09/08/2019

AusPayNet’s latest data shows a decline in the overall rate of card fraud for 2018, alongside slower growth in online fraud.

Capital / Liquidity

RBI Cuts Consumer Credit Risk Weight, Offers Boost to NBFCs

09/08/2019

The RBI will increase bank exposure limits for NBFCs, allow on-lending to priority sectors, and enable near-real-time tracking of payments fraud through the creation of a centralised registry.

Enforcement

CSRC Imposes Six-Month Business Restriction on GF Securities

09/08/2019

The CSRC cited risk management and control deficiencies as reasons for the restrictions, after a hedge fund set up by the broker reported losses of $139mn for 2018.

Market Infrastructure

ISDA Begins Review of Post-trade Services

09/08/2019

ISDA is conducting targeted surveys to identify opportunities for greater automation, reduced operational risk and lower costs in post-trade services.

Securities / Derivatives

S. Korea Announces Adjusted Schedule for Initial Margin Rules

09/08/2019

Korea has adjusted its domestic implementation schedule for the incoming requirements, taking into account the one-year phased extension announced by BCBS and IOSCO in July.

Enforcement

APRA Fines Westpac A$1.5mn for Late EFS Reporting

09/08/2019

Westpac and two of its subsidiaries were late in filing monthly and quarterly reports for APRA’s Economic and Financial Statistics programme.

AML / KYC

UN Report: North Korea Still Accessing International Financial System

09/08/2019

The report says North Korea has amassed $2bn from cyberattacks on banks and crypto exchanges, and that it has about 30 overseas representatives helping it evade sanctions.

AML / KYC

Korea’s FIU Seeks Direct Supervision Over Crypto Exchanges

08/08/2019

Currently, the Financial Intelligence Unit only indirectly regulates cryptocurrency exchanges in Korea through the administrative guidance it issues for banks.

Market Infrastructure

SHCH Issues Draft Guidance on Clearing Member Default Management

08/08/2019

In the event of a default, Shanghai Clearing House can initiate rapid disposal of non-cash collateral, demand the disposal of a clearing member’s other assets, or perform a forced liquidation, among other measures.