AML / KYC

Westpac, AUSTRAC Close to Settlement Over AML Breaches

24/09/2020

The final penalty amount, which could reach as high as A$1.5bn, is expected to be announced at a joint press conference in coming days.

Securities / Derivatives

SFC Identifies Cybersecurity Deficiencies at Internet Brokers

23/09/2020

The SFC found deficiencies relating to two-factor authentication, data encryption, session timeout, monitoring and surveillance, among other areas.

Market Infrastructure

Malaysia Completes First KLIBOR-SOFR Cross-currency Basis Swap

23/09/2020

The USD 100 million trade was the first MYR – USD cross-currency transaction referencing the USD SOFR, which will replace USD LIBOR.

ESG / Sustainability

EBA Seeks Input from Banks on ESG Risk Disclosure Practices

23/09/2020

The survey will support the EBA’s policy work on Pillar 3 disclosure and its wider efforts to develop a robust policy framework in the area of sustainable finance.

APRA Offers Guidance on Handling of Deferred Loans

23/09/2020

Banks should immediately inform APRA and ASIC if they experience issues collecting on loans with repayment deferrals.

Securities / Derivatives

SEBI Issues Risk Management Rules for Negative Commodity Prices

23/09/2020

Clearing corporations are directed to ensure their systems are ready to implement the alternate risk management framework by 21 November.

Securities / Derivatives

Thailand to Lift Short-selling Restrictions Next Week

23/09/2020

As market volatility has returned to normal levels, SET and TFEX will return to its normal short selling rules and its normal ceiling and floor limits.

Enforcement

China Market Supervisor Issues Fines Against Luckin Coffee

22/09/2020

Luckin was able to falsely inflate revenue, costs and profits last year with the help of 43 third-party companies, which have also been fined.

Enforcement

ASIC Directs Fund Managers to Correct Product Mislabelling

22/09/2020

ASIC has identified 14 funds using the term ‘cash’ in their names in a confusing and inappropriate way, and 3 others with a significant liquidity mismatch.