Securities / Derivatives

RBI Directs Bank to Reduce Activity in Offshore Rupee Market

18/10/2022

The RBI started allowing local banks to participate in the NDF market in 2020, but their activity is adding further downward pressure on the rupee.

Fintech / Regtech

HK Consumer Council Warns of Inadequate BNPL Protections

18/10/2022

The Consumer Council is calling on non-bank BNPL service providers to apply for a Money Lenders Licence and to implement consumer protection measures “as soon as possible”.

AML / KYC

NSW Regulator Imposes Max Penalty on Casino Giant The Star

18/10/2022

Casino giant The Star has been fined A$100mn and had its licence in NSW suspended due to its failure to prevent money laundering at its Sydney casino.

AML / KYC

Japan Cabinet Passes Bill to Strengthen AML System

18/10/2022

Crypto exchanges will be obliged to share information on users and screen customers against sanctions lists.

AML / KYC

HSBC Suspends Investment Services for Russian Clients in Hong Kong

18/10/2022

HSBC has reportedly sent a letter to most of its Russian retail clients in Hong Kong saying it is unable to provide them investment services because of sanctions imposed by the EU.

Securities / Derivatives

CME Group to Launch USD-denominated TOPIX Futures

18/10/2022

The new contract is designed to complement the existing JPY-denominated TOPIX futures contract launched in February 2018.

HKMA Revises Return Templates to Streamline Bank Reporting

18/10/2022

Banks are no longer required to report their top ten non-bank Mainland China exposures on an aggregate basis.

Enforcement

US FTC Expands Competition Probe Into Visa, Mastercard

18/10/2022

The FTC is investigating whether the security technology used by Visa and Mastercard raises the likelihood that payments over different networks will be rejected.

Capital / Liquidity

DBS Becomes LCH SwapClear’s First Direct Member in Singapore

18/10/2022

DBS will be able to post Singapore government bonds as collateral, making LCH the first global offshore clearing house to accept the asset class as eligible collateral.