AML / KYC

IMF Calls for Amendments to Philippine Bank Secrecy Laws

17/11/2020

The BSP should be granted “unimpaired access” to information on all customer accounts and the ability to employ and share depositor information for any prudential purpose.

AML / KYC

Philippine SEC Assesses Risk of Non-Profit Organisation Sector

17/11/2020

Based on the risk assessment, the SEC will implement “the most appropriate mitigation measures” to manage money laundering and terrorist financing risks.

‘Buy Now Pay Later’ Consumers Suffering Harm: ASIC

16/11/2020

About 20% of consumers cut back on or went without essentials such as meals in the last 12 months in order to make their buy now pay later payments.

Securities / Derivatives

SFC Plans to Issue Code of Conduct for Investment Banks – Report

16/11/2020

The SFC is reportedly seeking to frame a detailed code of conduct for capital raisings that will cover how investment banks calculate their fees.

Fintech / Regtech

BSP, MAS Declare Opposition to Data Localisation Requirements

16/11/2020

Data mobility in financial services supports economic growth, innovative financial services, risk management and compliance, BSP and MAS say in a joint statement.

Capital / Liquidity

FSB Finalises Guidance on Assessing CCP Financial Resources

16/11/2020

The guidance will support jurisdictions and authorities in determining whether there is a gap in the resources and tools available for CCP resolution.

Securities / Derivatives

Hong Kong MPFA Adds SSE, SZSE, IDX to Approved List

16/11/2020

The move provides MPF fund managers greater flexibility, allowing them to diversify investment risks and channel more assets into A shares.

Capital / Liquidity

BOT Allows Banks to Pay Dividend for 2020, Subject to Limit

16/11/2020

The move follows an order from the BOT for commercial banks to suspend interim dividend payments and share buybacks in June.

Market Infrastructure

FSC Korea Moves to Prevent Accumulation of Household Debt

16/11/2020

Banks will be subject to a monthly inspection to assess their unsecured lending practices; the government will reduce the maximum legal lending rate from 24% to 20%.