AML / KYC

SWIFT Embeds ESG Due Diligence in KYC Registry

11/03/2021

The integration of the ICC’s Guidelines into SWIFT’s KYC Registry allows corporates to only complete and update a single form to provide ESG information to different banking partners.

Enforcement

ICAC Charges Former AIA Employees for Fraud

11/03/2021

A former district manager and former insurance agent jointly face three counts of fraud for allegedly deceiving AIA into paying them commissions for three insurance policies.

AML / KYC

FSC Korea Proposes New Penalty Standards for VASPs

11/03/2021

FIs and VASPs can be penalised for failing to report and maintain records of suspicious transactions, and failures to properly manage customers’ transactions records.

Securities / Derivatives

Chinese State-backed Funds Intervene to Calm Market

11/03/2021

The government reportedly blocked social media mentions of the stock market while local media outlets downplayed recent market turbulence.

Enforcement

APRA Accepts Court Enforceable Undertaking from Allianz

11/03/2021

Allianz Australia acknowledges previous risk and compliance weaknesses and emphasises its commitment to addressing these issues.

AML / KYC

HK: BNO Passports May Not be Used for Early MPF Withdrawal

11/03/2021

MPF scheme members cannot rely on a BN(O) passport or its associated visa as evidence in support of an application for early withdrawal of MPF.

Capital / Liquidity

FSC Korea Extends Easier Liquidity Rules for Banks

10/03/2021

The easier liquidity rules, introduced in April and extended in August, are now scheduled to end at the end of September.

Capital / Liquidity

PBOC to Limit Short-term Bond Issuance by Securities Firms

10/03/2021

Short-term bonds issued by securities firms will subject to a limit of 60% of net capital. The eligibility criteria have also been strengthened.

Capital / Liquidity

RBNZ Removes Liquidity Facilities Amid Improving Market Conditions

10/03/2021

Financial market conditions have “improved significantly” since the Term Auction Facility and the Corporate Open Market Operation were introduced.