Regulation Asia relies on a team of journalists, writers and editors to cover regulatory announcements across Asia Pacific. editorial@regulationasia.com
Enforcement
HK’s Financial Reporting Council to be Given Extended Powers
20/01/2018
Treasury for Financial Services and the Treasury says FRC to given independent oversight, inspection and disciplinary powers.
AML / KYC
US Fed Fines Taiwanese Bank $29mn for AML Failures
19/01/2018
US Federal Reserve Board cites deficiencies in Mega Bank’s operations, risk management and compliance controls in relation to AML and bank secrecy laws.
Vietnamese Banks Warned Against High-Risk Lending
19/01/2018
Central bank warning comes as prime minister asks for increased inspection and supervision over banks.
AML / KYC
Hong Kong SFC Looks to Optimise Enforcement Action
18/01/2018
New guidance removes threat of criminal prosecution in cases of “non-serious” regulatory breaches and cooperation ‘above and beyond’ regulatory obligations.
AML / KYC
Philippines Will Now Report Cross Border Banking Stats to BIS
17/01/2018
BSP has begun reporting international banking statistics from January 2018, having met BIS standards for completeness and quality.
AML / KYC
Singapore Activates 61 AEOI Relationships for 2018
17/01/2018
The country will automatically exchange tax information from January 2017 with 61 countries under the OECD’s Common Reporting Standards.
AML / KYC
SFC Urges Licensees to File “Better Quality” Suspicious Transaction Reports
17/01/2018
Circular sent to firms following a feedback report issued by the Joint Financial Intelligence Unit.
Securities / Derivatives
China Tightens Rules on Stock Pledges, Repos
17/01/2018
Shenzhen, Shanghai exchanges confirm stock pledges and repos must serve real economy, limit proportion of stock allowed to be pledged.
AML / KYC
HKMA Proposes Open APIs for Financial Services
15/01/2018
Consultation suggests it could take just six months for banks to develop APIs including their product and service information.
Capital / Liquidity
EBA Publishes Final Disclosure Requirements for IFRS 9 Transitional Arrangements
14/01/2018
Uniform disclosure template ensures consistency and comparability of data disclosed by institutions during the transition to full IFRS 9 implementation.
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