AML / KYC

AUSTRAC Fines State Street Over IFTI Reporting Breaches

16/09/2020

State Street Bank and Trust failed to report IFTIs on 99 occasions. There is no suggestion that the transactions were suspicious or that there were CDD deficiencies.

Enforcement

US Regulators to Reprimand Citigroup Over Risk Management

16/09/2020

The Federal Reserve and OCC are expected to require Citigroup to develop and execute a plan to improve its risk management systems.

Securities / Derivatives

India to Introduce New Interest Rate Derivatives Products

16/09/2020

The new products will be accessible to FPIs as well as non-residents transacting with Indian market makers through intermediaries.

Capital / Liquidity

RBI Orders Banks to Automate Asset Classification, Provisioning

16/09/2020

The RBI has given banks until 30 June 2021 to upgrade their systems to automate all asset classification, provisioning calculation and income recognition processes.

Fintech / Regtech

BNP, Digital Asset to Develop DLT Connectivity to ASX, HKEX

15/09/2020

BNP Paribas Securities Services and Digital Asset have joined forces to design real-time trade and settlement apps using DAML smart contracts.

Capital / Liquidity

ISDA, CCDC to Promote Global Use of China Bonds as Collateral

15/09/2020

ISDA and the CCDC will soon publish research making the case for yuan-denominated bonds to be used internationally as collateral.

Hong Kong Govt Enhances 100% Loan Guarantee Scheme

15/09/2020

The maximum loan amount and repayment period are being increased to further alleviate the cash flow pressure of SMEs, effective from Friday, 18 September.

Fintech / Regtech

China to Develop More Cities as Global Fintech Hubs

15/09/2020

The other cities besides Beijing that China will develop as global fintech hubs include Shanghai, Shenzhen and Hangzhou, underpinned by regulations on fintech development.

AML / KYC

FATF Details Virtual Asset Red Flags for Detecting Criminal Activity

15/09/2020

This report will help VASPs, FIs, DNFBPs, and other reporting entities detect and report suspicious transactions, and national authorities detect criminal activity.