Crypto / Digital Assets

Task Force Created to Align Digital Token Identifier With ISIN

12/06/2021

The task force is a joint collaboration between Etrading Software, the registration authority for the new ISO standard for DTIs, and ANNA.

AML / KYC

Financial Crime Compliance Costs to Reach $213.9bn for 2021

12/06/2021

KYC for onboarding and customer risk profiling were cited as the biggest challenges for APAC financial institutions in a LexisNexis Risk Solutions study.

Capital / Liquidity

CBIRC Issues Final Rules on Resolution Planning for FIs

12/06/2021

Deposit-taking institutions, leasing companies, asset managers and insurers with assets exceeding a specified threshold are required to formulate recovery and resolution plans.

Capital / Liquidity

HKMA Defers Implementation of Basel III Capital Standards

11/06/2021

Banks have an additional six months to implement the revised frameworks on credit risk, operational risk, output floor and leverage ratio. The market risk and CVA risk frameworks are also deferred.

AML / KYC

Philippine AMLC Amends AML/CTF Guidelines for DNFBPs

11/06/2021

The revisions broaden the scope to include newly covered persons and add a new section on the implementation of the targeted financial sanctions, among other changes.

Enforcement

Ex-VP of China Orient Asset Management Under Corruption Probe

10/06/2021

Hu Xiaogang, a former vice president of China Orient Asset Management, is under investigation for suspected corruption.

Market Infrastructure

Australia to Introduce Regulatory Reforms for FMIs

09/06/2021

The new crisis management regime will allow the RBA to manage a failure at a domestic clearing and settlement facility, supported by a AUD 5 billion standing facility.

Enforcement

CBIRC Fines Four Banks for Property Lending Breaches

09/06/2021

Postal Savings Bank of China, China Merchants Bank, China Guangfa Bank and Shanghai Pudong Development Bank were fined a combined CNY 5.3 million.

Fintech / Regtech

HKMA Announces New Fintech Development Strategy

09/06/2021

The “Fintech 2025” strategy seeks the comprehensive adoption of technology in the financial sector by 2025 through a focus on five key areas.