Hong Kong: Enhanced 100% Loan Guarantee Set to Take Effect

22/03/2021

The maximum loan amount per enterprise, total loan ceiling, maximum repayment period, and duration of moratorium will be extended.

AML / KYC

Singapore Police Issue First Charges in Nickel Trading Fraud Case

22/03/2021

At least SGD 1 billion was invested for the purported sale and purchase of nickel, making the case one of the largest financial fraud cases in Singapore.

Enforcement

CBIRC Finds Violations in XW Bank’s Consumer Loans Business

22/03/2021

Xiaomi-backed digital bank, XW Bank, breached financial regulations for charging over 30 percent interest on consumer loans.

AML / KYC

EU Sanctions Officials from China, Myanmar, Others

22/03/2021

The EU, US, UK and Canada all imposed sanctions against Chinese officials and entities on Monday, citing human rights abuses in Xinjiang.

Securities / Derivatives

BOJ Scraps ETF Buying Target, Tweaks Yield Curve Controls

22/03/2021

The BOJ is scrapping its JPY 6 trillion annual target for buying ETFs, but will keep the JPY 12 trillion annual ceiling. The BOJ now owns about 7% of the Japanese equity market.

Market Infrastructure

Japan Banks Finalise Decision to Lower Interbank Transfer Fees

22/03/2021

Effective from 1 October, interbank money transfer fees will be lowered to JPY 62 per transaction, the first reduction in 40 years.

Market Infrastructure

LCH Sets Dates for Conversion of SwapClear LIBOR Contracts

21/03/2021

Conversion of CHF, EUR and JPY LIBOR shall apply to SwapClear contracts outstanding on 3 December. Conversion of GBP LIBOR will apply to contracts outstanding on 17 December.

AML / KYC

FATF Seeks Stakeholder Views on Updated VASP Guidance

21/03/2021

Views are sought from academics, policy bodies, VASPs, technology developers and providers, other regulated entities such as banks, and authorities.

AML / KYC

AUSTRAC Questioned on Handling of Drug Money Case

21/03/2021

AUSTRAC reportedly said it has not taken action against the banks involved because they did not have reason to be suspicious of the transactions and they aided the investigation.