AML / KYC

Financial Crime 2021: Digital ID, Due Diligence, Sanctions

21/01/2021

Last year’s financial crime landscape forced many FIs to rapidly adapt to evolving threats. In the year ahead, a continued focus on risk mitigation is prudent.

Securities / Derivatives

Korea to Require Brokers, Insurers to Enhance FX Risk Management

21/01/2021

Non-banking financial institutions will have to report details about their FX exposures monthly to ensure their FX liquidity remains adequate.

Securities / Derivatives

Japan FSA Opens New Dedicated Office for Foreign Firms

21/01/2021

The new office will handle pre-application consultation, registration and supervision, with all communications available in English.

APRA Issues Second Consultation on Insurance in Superannuation

21/01/2021

Submissions in the previous consultation sought further clarification on the proposed changes, which are aimed at improving member outcomes.

China Allows Nonbank Creditors to Initiate Creditor Committees

20/01/2021

To date, only bank creditors have been allowed to initiate the establishment of creditor committees, while nonbank financial institutions were often excluded.

Securities / Derivatives

Hong Kong, Thailand Agree Mutual Recognition of Funds

20/01/2021

Each Hong Kong or Thai fund approved under the MRF scheme will have to appoint a firm in the other market to serve as its representative.

ESG / Sustainability

FSB Publishes Work Programme for Year Ahead

20/01/2021

The work programme includes initiatives to strengthen NBFI resilience, enhance cross border payments, and address climate change, among other priorities.

AML / KYC

HK Police Arrest Bank Staff for Money Laundering – Report

20/01/2021

The 7 individuals arrested are said to have helped a member of an international money laundering syndicate open at least 14 bank accounts.

Fintech / Regtech

Rakuten Launches First Digital-only Bank in Taiwan

20/01/2021

Rakuten International Commercial Bank was one of three groups granted authorisation to set up a digital bank in July 2019.