AML / KYC

Philippines to Launch Digital Banking ID Registry This Year

31/03/2019

The blockchain powered ID registry will enable electronic KYC and make it easier for clients to access banking services.

ESG / Sustainability

Australian Financial Sector Teams Up on Climate Initiative – Report

30/03/2019

Overseen by APRA, a group of industry players – including the big four banks – are looking to reshape the financial system to ensure readiness for climate risks.

Enforcement

ASIC ‘Ready to Prosecute’ Underperforming Super Funds

30/03/2019

Australian regulators are trying to force an estimated 100 small and poor performing super funds out of the system using criteria devised by the Productivity Commission.

Market Infrastructure

China Approves First Foreign Funded JV for Pensions Business

30/03/2019

A Standard Life Aberdeen joint venture is the first foreign funded insurer authorised to participate in the pensions sector, which to date has been dominated by 8 domestic firms.

Market Infrastructure

JPX, TOCOM Enter Basic Agreement to Merge by October

29/03/2019

TOCOM will become a wholly-owned subsidiary of JPX, and together they will launch a consolidated exchange for stocks, financial and commodity derivatives by September 2020.

Fintech / Regtech

Malaysia Seeks Licensing Regime for Virtual Banks by Year-End

29/03/2019

Though discussions are still in the preliminary stages, Malaysia’s central bank is looking to publish its requirements for virtual bank licences by the end of the year.

Fintech / Regtech

S. Korea FSC Receives Three Applications for Internet-Only Banks

29/03/2019

The FSC will review the applications with an aim to approving a preliminary licence for one or two new internet-only banks in May.

Securities / Derivatives

China Retail Investors Take a Liking to Government Bonds

29/03/2019

China’s pilot scheme allowing banks to sell government bonds to retail investors has been met with success, with over $200mn in bonds sold in a single day.

Enforcement

UK FCA Fines Goldman for MiFID Transaction Reporting Failures

29/03/2019

Goldman has been penalised over $44mn for making over 220 million transaction reporting errors over 9.5 years. The fine is larger than UBS received earlier this month.