AML / KYC

Ant Group Undeclared Beneficial Owners Caused IPO Suspension

18/02/2021

The Wall Street Journal says Ant Group’s IPO was suspended last year due to its complex ownership structure and an unease over the likely beneficiaries of the listing.

US Court Rules Against Citigroup Over Revlon Error Payment

18/02/2021

The federal judge ruled that a group of asset managers are not required to return $501mn that Citigroup mistakenly paid early on behalf of Revlon last August.

Market Infrastructure

UK Consults on Legal Safe Harbour to Manage LIBOR Wind-down

18/02/2021

The consultation seeks views on whether a legal safe harbour could be a helpful supplement to the provisions inserted into the BMR by the Financial Services Bill.

Capital / Liquidity

Philippine President Duterte Signs ‘Bad Bank’ Bill Into Law

17/02/2021

The law will help cushion lenders from a build-up of bad loans due to the Covid-19 crisis, allowing them to dispose of bad assets and keep the banking system stable.

Securities / Derivatives

Bangladesh to Launch New Interbank Money Market Platform

17/02/2021

The platform will help to promote more efficient liquidity movements among conventional banks and NBFIs, said a Bangladesh Bank official.

Securities / Derivatives

SC, Bursa Malaysia Grant Additional Relief for Listed Issuers

17/02/2021

Listed issuers allowed an automatic 1-month extension to prepare financial statements. Those impacted by Covid-19 are granted more time to regularise operations.

Korean Banks to Extend Loan Payment Deferment Programme

17/02/2021

Following talks with FSC Chairman Eun Sung-soo, five major banking groups agreed to extend the loan deferment programme until September.

Securities / Derivatives

RBI Allows Banks to Post Margin Onshore for Offshore Clients

17/02/2021

AD Cat-I Banks may post and collect margin in India for a permitted derivative contract entered into with a person resident outside India.

Enforcement

ASIC Seeks Penalties from CBA for Overcharged Interest

17/02/2021

Due to a systems error, CBA charged more than 1,510 customers a higher interest rate than they were advised, amounting to A$2.2 million in overcharged interest.