Korea FSS Asks Banks to Review Rate Setting Practices

22/11/2021

Banks are also asked to allow borrowers to demand rate adjustments when their wealth increases or credit ratings improve.

Securities / Derivatives

Philippines Set to Issue First Sovereign Green Bonds

22/11/2021

The Department of Finance is finalising a sustainable finance framework for the issuance of the Philippines’ first-ever sovereign green bonds.

Securities / Derivatives

Bursa Malaysia Appoints ICDM to Facilitate Director Accreditations

22/11/2021

First-time directors of listed companies and directors of newly-listed companies must complete an enhanced accreditation programme starting in 2022.

Market Infrastructure

Bank Indonesia Issues Implementation Regulations for BI-FAST

22/11/2021

Banks with IDR 6 trillion in core capital, and non-bank institutions with IDR 100 billion in paid-up capital, can be direct participants of BI-FAST.

Big Picture

More China SOE Bond Defaults Expected in 2022, says Moody’s

22/11/2021

Defaults by Chinese SOEs will increase in 2022, but Chinese authorities will intervene in situations with potential spillover risks.

AML / KYC

AUSTRAC Issues Guidance on Misuse of Payment Text Fields

22/11/2021

Payment text fields in financial transactions are increasingly being used as a method of criminal communication or abuse, AUSTRAC says.

Securities / Derivatives

China Banks Directed to Limit Proprietary Trading in Currencies

21/11/2021

The directions are part of efforts to limit speculation on the yuan to prevent further strengthening of the currency and protect the export sector.

AML / KYC

Singapore Repatriates Another $16.3m of 1MDB Funds to Malaysia

21/11/2021

Total 1MDB assets amounting to $4.9bn have now been returned. Asset recovery is still being pursued in the US, UAE, Taiwan, Singapore, and Hong Kong, among other countries.

Enforcement

HKMA Penalises Four Banks for AML Violations

21/11/2021

ICBC (Asia), UBS, CCB (Asia) and CTBC Bank were fined a combined HK$44.2mn for deficiencies in customer monitoring, periodic reviews and due diligence.