Enforcement

Thailand Implements New Market Misconduct Penalty Scheme for Banks

20/01/2018

New market conduct rules to be implemented over next few weeks; Violators can be barred from operating or fined up to 1mn baht per day.

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.