Enforcement

CBIRC Fines Privately Owned Banks Over Poor Risk Controls

15/10/2021

The fine against Chongqing Fumin Bank was the largest ever against a privately owned bank. Two others were also penalised.

Market Infrastructure

APRA Concludes Pilot Risk Culture Survey With 10 Insurers

15/10/2021

Based on responses from almost 7,200 insurance employees, APRA found some of the lowest scores in risk governance and controls.

Fintech / Regtech

G7 Ministers Endorse Public Policy Principles for Retail CBDC

15/10/2021

Any CBDC must support, and ‘do no harm’ to, the ability of central banks to fulfil their mandates for monetary and financial stability.

IMF Ends Data Manipulation Probe Into Kristalina Georgieva

14/10/2021

The IMF’s executive board reaffirmed its “full confidence” in Georgieva after it could not “conclusively demonstrate” that she played an improper role at the World Bank.

Market Infrastructure

JSCC Sets Date for Bulk Conversion of LIBOR Swaps

14/10/2021

Japan Securities Clearing Corporation will conduct a bulk conversion exercise during the weekend of 4–5 December to convert JPY LIBOR contracts to TONA contracts.

Market Infrastructure

More Than 100 Banks Sign On to Adopt ‘SWIFT Go’

14/10/2021

SWIFT Go is an instant cross-border payments service for SMEs and retail customers that was launched at seven banks in July.

MAS Tightens Monetary Policy Amid Inflation Concerns

14/10/2021

MAS will slightly raise the slope of the S$NEER policy band to ensure medium term price stability while recognising the risks to the economic recovery.

AML / KYC

RBI to Allow Foreign Banks to Store Limited Data Overseas

14/10/2021

Following meetings with foreign banks, the RBI will allow certain static data to be stored in offshore locations for AML and sanctions screening purposes.

Securities / Derivatives

Shenzhen, Guangdong Issue First-ever Offshore Bonds

14/10/2021

Shenzhen and Guangdong have become the first local government authorities in China to issue RMB-denominated bonds in offshore markets.