Capital Adequacy

Swiss Regulators Offer Credit Suisse a Show of Support

16/03/2023

FINMA said Credit Suisse meets capital and liquidity requirements applicable to systemically important banks. SNB will provide liquidity to the bank if necessary.

Clearing & Post-Trade

DTCC Offers New Tool to Facilitate LIBOR Transition

16/03/2023

Widespread usage of the tool will be “an important component to help ensure a successful transition,” said Tom Wipf, who chairs the ARRC.

Payments & Settlements

HKIMR Report Explores GBA Cross-border Payments Challenges

16/03/2023

A survey of FIs found that some GBA transactions are still processed manually. Other challenges relate to differing messaging formats, regulatory requirements and investment quotas.

Structural Regulation

Singapore Consults on Adjustment Spreads for Legacy SIBOR Contracts

15/03/2023

Steering Committee proposes to have a period of active transition until 30 April 2024, before banks initiate an industry-wide automatic conversion process around June 2024.

Structural Regulation

FSC to Ease Rules to Help Korean FIs Expand Overseas

15/03/2023

New FSC taskforce will work on measures to help FIs expand and invest overseas and address issues that prevent global firms from entering the Korean market.

Anti-Money Laundering

UK to Start Collecting New Economic Crime Levy from July

15/03/2023

The economic crime levy will apply to financial firms, auditors, tax advisers, crypto firms, and other regulated entities.

Fraud, Scams & Cybercrime

US OCC Fines Ex-Wells Fargo Exec for Sales Misconduct

15/03/2023

Carrie Tolstedt was not required to admit or deny the OCC allegations, but she faces up to 16 months in prison under a plea agreement with federal prosecutors.

Cryptocurrency

Coinbase Partners With StanChart to Enable SGD Fund Transfers

15/03/2023

Customers in Singapore can transfer funds to and from their Coinbase account using any local bank in Singapore for free.

Emerging Prudential Risks

China to Raise Retirement Age to Cope With Ageing Population

15/03/2023

China to raise the retirement age to tackle ageing population challenge and pension budget deficits.