Sanctions

Myanmar Grants Exemptions to FX Conversion Rule Ban

17/06/2022

Myanmar is granting granted an exemption to select companies involved in FDI approved by the Myanmar Investment Commission.

Capital / Liquidity

New Zealand: Responsible Lending Rules to Change on 7 July

17/06/2022

Responsible lending laws introduced in December have been blamed for causing tighter credit conditions for New Zealand borrowers.

Capital / Liquidity

BOE Asks Major Banks to Improve Resolution Plans

17/06/2022

The BOE said it found shortcomings in resolution plans prepared by HSBC, Lloyds Banking Group and Standard Chartered.

Capital / Liquidity

HK Clearinghouses Adjusts Capital Requirement for GCPs

16/06/2022

General clearing participants have to maintain liquid capital of HK$100mn for their first five non-clearing participants, and HK$20mn for each additional non-clearing participant.

AML / KYC

SFC Fines China Everbright Securities for AML/CFT Violations

16/06/2022

Unrelated clients received deposits from the same third party within four days, and then used the funds to trade in the same stock.

Fintech / Regtech

BSP Upgrades Infrastructure to Support Big Data Applications

16/06/2022

The BSP plans to start using big data sources and applications in 2023, starting with an index that will analyse online news to gauge the sentiment.

Enforcement

US SEC Penalises Schwab Over Robo-Adviser Disclosures

16/06/2022

High cash balances resulted in lower returns for robo-adviser clients.  The effect of this “cash drag” was not disclosed to clients, the SEC said.

AML / KYC

Singapore Trade Finance Registry to Go Live in Q4

16/06/2022

The Association of Banks in Singapore has selected MonetaGo and GUUD to deliver a registry that will prevent duplicate financing and fraud.

Market Infrastructure

US Lawmakers Propose Measures to Block Investment in China

16/06/2022

The bill, if passed, will bring more pain to US companies than Chinese companies, says a China Foreign Ministry spokesman.