AML / KYC

RBNZ Issues Formal Warning to Westpac for AML Failures

11/08/2021

Westpac failed to report almost 8000 corporate transactions to overseas recipients between July 2018 and February 2019, the RBNZ said.

Enforcement

Former HKEX Exec Pleads Not Guilty to Corruption Charges

11/08/2021

The former co-head of HKEX’s IPO-vetting team, Eugene Yeoh, was arrested in June 2019 for alleged bribery and misconduct in public office.

AML / KYC

North Korea Continues to Evade Sanctions – Report

10/08/2021

A draft report by a UN panel of experts says North Korea has continued to evade sanctions through open sea ship-to-ship transfers and other means.

ESG / Sustainability

Japan FSA Seeks Better Quality ESG, Climate Disclosures

10/08/2021

The FSA plans to establish a new framework for the certification of ESG-related products. It is also exploring mandatory climate risk disclosures.

Fintech / Regtech

Cambodia Explores Cross-border Transactions Using ‘Bakong’

10/08/2021

Cambodia launched its Bakong digital currency in October 2020. In the first half of 2021, 1.4 million transactions worth $500mn were recorded.

Myanmar Central Bank Restricts Foreign Hiring at Banks

10/08/2021

CBM approval is needed to hire foreign employees. Large banks are limited to 25 foreign employees; medium-sized banks to 15; and small banks to 8.

Market Infrastructure

ACCC Consults on Merger of BPAY, eftpos and NPP Australia

10/08/2021

A court enforceable undertaking is proposed to address concerns that the merger could reduce investment and support for eftpos and decrease the availability of least-cost routing.

Securities / Derivatives

Australia Tweaks Fee Component of Super Fund Performance Test

10/08/2021

The test will be based on the most recent financial year of administration fees, rather than the past eight years, to incentivise fee reductions.

Capital / Liquidity

India Progresses Key Deposit Insurance Reforms

09/08/2021

The reforms will enable customers to access their deposits within 90 days if a bank is unable to fulfill its obligations due to a moratorium.