Fintech / Regtech

Indonesian State-owned Lender to Introduce Biometric Security

21/03/2018

System, which is awaiting approval from financial service authority, will require either fingerprint or retina scanning.

AML / KYC

MAS Fines StanChart Units $4.9mn for AML/CTF Breaches

20/03/2018

The bank’s Singapore branch and trust unit failed to adequately assess and mitigate risks that clients were trying to avoid CRS reporting obligations.

Capital / Liquidity

APRA Approves ING Bank Internal Models for Credit, Market Risk

20/03/2018

ING Bank joins Australia’s ‘big five’ banks in using internal models to calculate regulatory capital requirements.

Market Infrastructure

China to Allow Offshore Listed Firms to Issue Depository Receipts

20/03/2018

Move aimed at attracting back to the mainland China’s overseas-listed tech giants Alibaba, Tencent, Baidu.

Enforcement

China Minsheng, Ping An Banks Fined for Clearing, Payments Violations

19/03/2018

Banks violated rules on management of clearing, yuan settlement, and NBFI payments; Minsheng Bank’s $25.7mn fine is highest levied in financial industry by PBOC.

Enforcement

S.Korea to Tighten Financial Holding Company Governance Rules

18/03/2018

Financial regulator says it will toughen rules on appointments amid corporate governance concerns re excessive influence, lack of innovation.

Enforcement

ASIC Mandates Banks’ Further Removal of Unfair Loans Terms

17/03/2018

New guidance ensures bank staff are held responsible for conduct and statements outside of formal contracts; removes borrower’s liability in the event of lender misconduct.

Securities / Derivatives

Shanghai, Shenzhen Bourses Draft Compulsory Delisting Rules

16/03/2018

False, misleading or fraudulent listing, restructuring documents or other disclosures including annual reports will trigger the delisting mechanism.

Fintech / Regtech

MAS to Streamline Data Submissions, Reduce Burden for FIs

16/03/2018

Financial institutions will be allowed to decline MAS requests for previously-submitted data; new regulatory returns to be submitted in machine-readable formats.