AML / KYC

‘Tranche 1.5’ AML Reforms Take Effect in Australia

20/06/2021

AUSTRAC has issued rules to support the introduction of the reforms, which include measures to streamline customer verification and correspondent banking.

Market Infrastructure

CBIRC Approves First Fully Foreign Owned Money Broker

20/06/2021

Japan’s Ueda Yagi Tanshi will become the first foreign firm to commence currency brokerage business in China under a fully-owned unit.

Market Infrastructure

UK Regulators Support US ‘SOFR First’ Proposal on Interdealer Swaps

17/06/2021

The FCA and BOE encourage liquidity providers to change USD linear swap trading conventions from USD LIBOR to SOFR on 26 July 2021.

Facing the Next Crisis with Greater Liquidity Certainty

17/06/2021

More granular deposit modeling and enhanced stress testing approaches will augment liquidity risk management practices, says Gavin Pugh at AxiomSL.

RBNZ to Add Debt-to-income Limits to Policy Toolkit

17/06/2021

DTI limits will reduce the likelihood of mortgage defaults, the RBNZ said, expressing concerns that rising housing prices may present financial stability risks.

Fintech / Regtech

AFIN, R3 Partner to Launch CBDC Sandbox on APIX Platform

16/06/2021

MAS’ Sopnendu Mohanty says the collaboration will enable the global fintech ecosystem to better understand financial innovations around digital currencies.

AML / KYC

PNG’s BSP Financial Group Faces Possible AML Penalties

16/06/2021

Australia’s CBA and NAB are reportedly under scrutiny as they provided correspondent banking services to BSP Financial Group.

AML / KYC

SEC Orders Finance, Lending Companies to Submit AML Plans

16/06/2021

All financing and lending companies have until 21 June to submit plans for implementing a comprehensive and risk-based AML/CFT programme.

RBI Requires HFCs to Enhance Internal Audit Systems

16/06/2021

All deposit-taking HFCs irrespective of size, and non-deposit-taking HFCs with at least INR 50 billion in assets, have to put in place an RBIA framework.