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.

Securities / Derivatives

SEBI Publishes Charter of Investor Rights in Securities Market

21/11/2021

The charter sets out the rights and responsibilities of investors, as well as some ‘dos and don’ts’ of investing in the securities market.

Securities / Derivatives

China Lifts Freeze on ABS Issuance by Property Developers

21/11/2021

Regulators reportedly plan to also relax restrictions on the size of new interbank bond issuance by “high quality” developers.

Fintech / Regtech

ASX Opens DLT-as-a-Service Platform for Production Use

21/11/2021

Synfini uses the same underlying technology as ASX’s replacement system for CHESS, but is offered as a cloud service to facilitate product innovation.

Capital / Liquidity

APRA to Require Banks to Maintain Surplus Self-securitised Assets

21/11/2021

Banks will have to hold 30 percent of their LCR net cash outflows in self-securitised assets as contingency for periods of stress.

Enforcement

Japan FSA to Issue New Orders to Mizuho Over System Glitches

21/11/2021

The FSA will issue a new business improvement order this month over Mizuho’s system glitches, one of which resulted in possible breaches of AML rules.