Structural Regulation

Singapore Commences Transition Testing for Enhanced SIBOR

01/07/2019

Transition testing will be conducted initially for six months to determine if a transition to the proposed waterfall methodology is possible or if further refinements are needed.

Conduct, Culture & Accountability

ASIC Approves Updated Banking Code of Practice

01/07/2019

ASIC is assessing changes to the Code proposed by the ABA in two stages, the first of which has been approved and is reflected in the latest version which took effect on 1 July.

Clearing & Post-Trade

Hong Kong Finalises List of FSPs Under Clearing Obligation

01/07/2019

The list of Financial Services Providers identifies major dealers outside Hong Kong that are under the clearing obligation.

Structural Regulation

SEBI Approves Tighter Norms for Mutual Funds

01/07/2019

At its latest board meeting, SEBI approved tighter norms for mutual funds and pledged shares, while also approving a new framework for shares with differential voting rights.

Credit Risk

India’s Banks Are Becoming More Resilient: RBI

01/07/2019

The RBI says gross NPA ratios and loan provisioning are improving, but it warns that capital adequacy at some banks will fall below requirements without more government cash.

Conduct, Culture & Accountability

APRA Consults on Approach to Product Responsibility under BEAR

01/07/2019

APRA proposes to require ADIs to identify and register an accountable person to hold end-to-end product responsibility for each product offered to customers.

Anti-Money Laundering

FATF Finalises AML/CFT Guidance for Service Providers

01/07/2019

New guidance for legal, accounting, and trust and company services professionals highlights the importance of identifying and verifying beneficial ownership information through due diligence.

Structural Regulation

MAS to Issue Up to Five Digital Bank Licences

01/07/2019

The initiative effectively extends digital bank licences to non-bank players, as existing banking groups in Singapore already have a framework for setting up digital bank subsidiaries.

KYC & CDD

Wolfsberg Group Publishes CBDDQ Capacity Building Materials

01/07/2019

The materials include high level training videos and detailed guidance on the questionnaire, aimed at facilitating its implementation and halting the decline in correspondent banking.