Enforcement

Taipei Fubon Bank Fined as Two Officers Misappropriate Client Funds

29/10/2018

The FSC has fined the bank $129,000 for internal control failures that allowed two of its officers to misappropriate client funds, and ordered it to dismiss the officers responsible.

Market Infrastructure

China Publishes Draft Rules Easing Market Access for Foreign Banks

29/10/2018

Foreign banks will be allowed to set up wholly-owned branches and subsidiaries in China provided they maintain at least 8% of yuan-denominated risk assets as reserves.

Securities / Derivatives

S. Korea Industry Body KOFIA to Inspect Securities Firms

29/10/2018

The Korea Financial Investment Association will examine internal operations at securities firms in a bid to prevent order-handling accidents and restore market confidence.

Market Infrastructure

HKMA Refines Bank-to-SVF Direct Debit Process to Prevent Fraud

29/10/2018

Banks and stored value facility operators are asked to adopt a ‘refined process’ in setting up direct debit authorisations to top-up e-wallets following last week’s fraud reports.

Enforcement

CBIRC Fines 13 Lenders for Failing to Monitor Consumer Loan Borrowers

26/10/2018

The regulator is trying to prevent the use of consumer credit in speculative investments as part of its efforts to curb risks to the financial system.

AML / KYC

Taiwan FIs Need to Be Prepared for APG Mutual Evaluation – FSC

26/10/2018

The Asia/Pacific Group on Money Laundering will conduct its mutual evaluation of Taiwan and its financial institutions from 5 November until 16 November.

Fintech / Regtech

India’s Cabinet Approves Singapore MoU on Fintech Cooperation

25/10/2018

The MoU was signed in June to establish an India-Singapore joint working group aimed at strengthening fintech cooperation.

Market Infrastructure

JPX, TOCOM Initiate Discussions to Consolidate Operations

25/10/2018

Discussions aimed at creating an integrated exchange offering both securities and commodities to boost competitiveness and attract global participants.

Capital / Liquidity

HKMA to Adopt BCBS Guidelines on Stress Testing

23/10/2018

Authorised institutions should review and strengthen stress testing frameworks and practices taking account of BCBS’ stress testing principles, the HKMA says.