AML / KYC

AUSTRAC Publishes Regulatory Guides on Strengthen AML Controls

31/03/2021

The regulatory gives cover governance, risk assessments, customer due diligence, IFTIs reporting, and correspondent banking relationships.

Japan Plans to Retain Yen TIBOR, Discontinue Euroyen TIBOR

31/03/2021

JBA TIBOR Administration plans to consult on its intent to retain yen TIBOR and discontinue euroyen TIBOR at end-2024, as well as the specifics and timing of the reform.

ESG / Sustainability

IOSCO Forms Working Group to Aid IFRS Sustainability Project

31/03/2021

The MAS and US SEC will co-lead the new technical working group, which will help develop technical recommendations needed for new sustainability reporting standards.

AML / KYC

China Sanctions UK, US, Canadian Individuals and Entities

30/03/2021

The sanctions follow coordinated action by the US, EU, UK and Canada last week to sanction Chinese officials and entities over Xinjiang.

Market Infrastructure

DSB Seeks Provider of OTC Derivatives Reference Data for UPI

29/03/2021

Underlier identifiers representing the instrument, index, or reference rate for an OTC derivative are attributes used to define a UPI.

Market Infrastructure

ARRC Publishes Guidance on Swap Rate, Business Loans, ABS

29/03/2021

The ARRC has published a formula to calculate fallbacks from the USD LIBOR ICE Swap Rate, simplified fallback language for business loans, and a model for using SOFR in ABS products.

Market Infrastructure

BNM Shariah Advisory Council Rules RFRs Permissible

29/03/2021

The ruling was made based on the justification that the compounding methodology is “merely an arithmetic method” and does not affect compliance with Shariah requirements.

Enforcement

SG Police to Lay 23 More Charges Against Hin Leong Founder

29/03/2021

The new charges could not be tendered against Lim Oon Kuin on Monday because the 78-year-old said he was unwell.

Securities / Derivatives

HK to Consult on SPAC Listing Framework in June – Report

29/03/2021

The rules are expected to include conditions for sponsors or SPACs. Acquisition targets will have to meet the existing standards for IPOs.