AML / KYC

Australia Introduces Identity Verification Services Bill to Parliament

17/09/2023

The government said the bill strikes “the right balance between achieving fast and convenient identity verification and maintaining strong standards of privacy and security.

Capital / Liquidity

First Chinese Insurer Approved to Issue Perpetual Bonds

17/09/2023

Taikang Life’s approval comes a year after Chinese regulators said they would allow insurance companies to issue perpetual bonds to replenish their capital.

Capital / Liquidity

BIS Paper Suggests Redesign of AT1 Instruments May Be Warranted

17/09/2023

The paper says some market participants “may not fully appreciate” that writedown conditions  may differ across AT1 instruments.

AML / KYC

Philippine SEC Teams Up With US Counterpart, IOSCO to Tackle Securities-related Crime

15/09/2023

The Philippines SEC is looking to strengthen its enforcement capabilities to protect investors from securities fraud and other forms of investment scams.

PBOC Asks Banks to Delay Squaring FX Positions

15/09/2023

Some brokerage companies were told to scale back their proprietary FX trading, to alleviate downside pressure on the yuan.

Securities / Derivatives

IOSCO Propose Good Practices for Leveraged Loan, CLO Markets

15/09/2023

IOSCO says a “prolonged borrower-friendly environment” has given rise to vulnerabilities in leveraged loan and CLO markets.

Securities / Derivatives

IOSCO Warns of Emerging Risks in Private Finance Markets

15/09/2023

IOSCO says private finance markets are “inherently opaque”, and that connections with other parts of the financial system may allow risks to spill into public markets.

Sanctions

Gibson Dunn’s David A. Wolber Discusses Compliance Challenges with Sanctions

15/09/2023

David A. Wolber, Of Counsel at Gibson Dunn, spoke at Regulation Asia’s Fraud & Financial Crime Asia 2023 event on 13 July. At the sidelines of the event, he discussed how Singaporean banks and companies face increasing compliance challenges in the sanctions space, citing a couple of reasons. He also outlined steps to avoid violating sanctions.

Capital / Liquidity

PBOC Announces Second RRR Cut for Banks This Year

15/09/2023

The move lowers the weighted average RRR for banks to around 7.4 percent, compared to more than 15 percent in 2018.