AML / KYC

Hong Kong FIs Share Foreign Tax Resident Data with IRD – Report

12/09/2018

Over 1,700 financial institutions have shared customer account balances and income details with the tax authority, as required by AEOI.

Enforcement

Australian Banks Face ‘Largest Ever’ Class Action

12/09/2018

A series of class actions for millions of super fund customers could cost Australian financial institutions up to A$1bn.

Enforcement

RBI Fines Three State Banks for Fraud Reporting Failures

10/09/2018

Union Bank of India, Bank of India and Bank of Maharashtra are each fined 10 million rupees.

Capital / Liquidity

China Scraps Ceiling on Banks Investing in Local Govt Bonds

06/09/2018

A 20% ceiling was introduced in 2012 to prevent banks from buying up bonds issued by their own underwriting departments; banks can now buy any portion of a bond sale that is not fully subscribed.

Securities / Derivatives

Taiwan to Introduce Continuous Trading for Equities in 2020

06/09/2018

Continuous trading will enable real-time trading by matching orders immediately; existing call auction mechanism collects orders over five seconds before matching occurs.

Fintech / Regtech

PBOC Trials Blockchain-based Trade Finance in Shenzhen

05/09/2018

Testing phase of new platform deployed at financial institutions including BOC, CCB, CMB, Ping An and StanChart, in a bid to boost efficiency of trade and financing activities.

Market Infrastructure

ISIN-to-LEI Mapping Initiative Set to Improve Transparency

05/09/2018

New global initiative announced by ANNA and GLEIF will map ISINs to their corresponding LEIs, effectively linking the issuer and issuance of securities.

Market Infrastructure

India Launches Payments Bank Using Postal Network

04/09/2018

On 1 September, India’s postal services launched a payments bank to offer basic banking and remittance services, starting from 650 post offices with an aim to expanding to its network of 155,000 post offices by 31 December.

AML / KYC

SFC Urges Licensed Firms To Strengthen AML/CFT Measures

03/09/2018

Hong Kong firms need to step up AML/CFT compliance keeping in mind deficiencies and gaps found during the regulator’s thematic reviews and on-site exceptions.