Structural Regulation

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.

Supervision & Enforcement

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.

Credit Risk

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.

Anti-Money Laundering

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.

Data Privacy

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.

Conduct, Culture & Accountability

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.

Conduct, Culture & Accountability

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.

AI Risk & Governance

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.

Anti-Bribery & Corruption

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.