FSC Korea to Boost Interest Rate Transparency in Banking Sector

11/07/2022

Banks will be required to publicly disclose their lending rates, deposit rates, and net interest spreads, to allow consumers to make quick comparisons.

AML / KYC

RBNZ Issues Formal Warning to BNZ Over AML Rule Breaches

11/07/2022

A coding error caused NAB-owned Bank of New Zealand to report incorrect locations to the FIU for around 50,000 domestic physical cash transactions.

Market Infrastructure

FSB Urges Adoption of LEI in Cross-border Payments

10/07/2022

Using the LEI in cross-border payments could facilitate straight-through processing, reduce costs, increase transaction speeds, and facilitate KYC compliance.

Capital / Liquidity

RBI Announces Measures to Cushion Falling Rupee

09/07/2022

The RBI has exempted FPIs from a cap on investments in government securities and corporate bonds. FPIs can also buy short-duration corporate debt.

AML / KYC

Chinese Phonemaker Vivo Accused of Evading Tax in India

09/07/2022

Vivo is alleged to have made remittances via Hong Kong to China to disclose losses in India and avoid domestic tax payments.

Securities / Derivatives

Bursa Malaysia Announces Launch of Shariah Discretionary Trading

09/07/2022

Discretionary trading based on Shariah principles is now permitted at Bursa Malaysia. Malacca Securities is the first to offer the service.

Bangladesh Imposes 100pc Margin Requirement on Luxury Imports

09/07/2022

Banks may not lend importers funds to meet the 100 percent LC margin requirement, which applies to a broad range of luxury imports.

Enforcement

FSC Korea Penalises Shinhan Bank for Lime Fund Mis-selling

08/07/2022

Shinhan Bank is being suspended for three months from selling new private equity fund products and fined KRW 5.7 billion.

Crypto / Digital Assets

Crypto Firm Voyager Digital Files for Bankruptcy, FDIC Opens Probes

08/07/2022

Voyager previously used wording on a company web page implying that deposit protection could apply in the event of the company’s own failure.