AML / KYC

Global LEI Foundation to Develop ‘Cryptographically Verifiable LEIs’

10/12/2020

The ‘vLEI’ will create a cryptographically secure chain of trust that replaces manual processes required to access and confirm an entity’s LEI data.

Capital / Liquidity

APRA’s Revised Capital Rules Could Promote Competition: Fitch

10/12/2020

The proposals could improve the competitive position of standardised banks relative to advanced banks, particularly in relation to residential mortgage portfolios.

Capital / Liquidity

BNM Finalises Transitional Arrangements for ECL Accounting

10/12/2020

Financial institutions can add back a portion of their Stage 1 and Stage 2 provisions for ECL to Tier 1 capital over a four or three year period.

Market Infrastructure

Korea to Introduce Inspections of Personal Data Handling at FIs

10/12/2020

The routine inspections are aimed at ensuring consistency in data protection standards in the financial sector amid a changing data industry in Korea.

Enforcement

Singapore Authorities Issue More Charges in Wirecard Probe

09/12/2020

The director of local accounting firm Citadelle Corporate Services was hit with three additional charges for falsifying letters confirming Wirecard cash balances.

Market Infrastructure

PBOC, HKMA Explore Southbound Leg for Bond Connect

09/12/2020

The PBOC and HKMA will form a working group to study the framework for a southbound leg of Bond Connect. No timelines have been set.

Market Infrastructure

India’s RTGS System to Be Available 24×7 from Monday

09/12/2020

RTGS members banks are directed to inform their customers of the change and to put in place necessary infrastructure to provide RTGS around the clock.

AML / KYC

AUSTRAC Targets Disability Insurance Fraud in New Guidance

09/12/2020

A new financial crime guide details the indicators that can help financial services firms identify when NDIS fraud may be taking place.

ACCC Proposes Measures to Improve Mortgage Pricing Fairness

09/12/2020

The ACCC recommends that lenders be required to regularly prompt borrowers to review their loan costs and consider switching products or lenders.