Enforcement

ASIC Review Finds Widespread Mis-selling of Consumer Credit Insurance

12/07/2019

ASIC plans to take “significant enforcement action” against 11 lenders that inappropriately sold consumer credit insurance, and force remediation of over A$100m.

AML / KYC

OCBC to Speed Up Police Investigations with Automated Data Retrieval

11/07/2019

OCBC Bank and the Singapore Police Force are collaborating on a new project to reduce the amount of time it takes for investigators to access banking information to just 1-2 days.

Enforcement

UPDATED – Japan Post Vows to Compensate Customers for Mis-sold Insurance

11/07/2019

Some 93,000 cases were found where customers were left uninsured due to inappropriate sales tactics, paid double premiums, or were denied coverage for paid up insurance policies.

Enforcement

ANZ Agrees to Settle 2010 Fees-Related Class Action for A$1.5m

11/07/2019

Under the proposed settlement, which is subject to Federal Court approval, ANZ customers who were charged a fee for failing to make scheduled payments between two of their accounts will be able to claim refunds.

Capital / Liquidity

ASIC Defends Responsible Lending Guidance

11/07/2019

ASIC says the proposed responsible lending guidance is not about increasing requirements; rather, it seeks to clarify and update guidance on existing requirements.

Market Infrastructure

RBI Proposes to Extend Trading Hours for Forex, Money Market

11/07/2019

An RBI working group has proposed extending onshore FX trading from 5pm to 9pm, in a bid to recapture liquidity lost to offshore markets in recent years.

Securities / Derivatives

SGX RegCo Announces Changes to Voluntary Delisting Rules

11/07/2019

The new rules require exit offers in conjunction with voluntary delistings to be both “reasonable” and “fair”, and exclude the offeror and concert parties from the shareholder vote.

Fintech / Regtech

China to Respond to Libra with Government Backed CBDC

11/07/2019

The PBOC is organising market-oriented institutions to jointly research and develop a central bank digital currency, in a programme that has already been approved by the State Council.

Capital / Liquidity

APRA Orders A$500m Capital Charge for ANZ, NAB, Westpac

11/07/2019

The increase in capital requirements are to reflect weaknesses in operational risk management identified in the banks’ self-assessments.