AML / KYC

Japanese Banks in Process of Closing Yakuza-Related Bank Accounts

06/09/2018

According to a survey of Japanese banks, around half the members are in the process of closing bank accounts belonging to gang members, with 1300 accounts closed as of May; 4300 such accounts still remain in the banking system.

AML / KYC

SEBI to Review KYC Rules for FPIs Amid Criticism from Fund Industry

06/09/2018

SEBI says fund industry’s claims that new rules barring non-resident Indians from investing via the FPI route will lead to $75bn in outflows is “preposterous”, but has agreed to review the norms and provide recommendations.

Market Infrastructure

China Committed to Further Opening Up Bond Market – PBOC

06/09/2018

PBOC deputy governor Pan Gongsheng said a number of reforms are in the pipeline to attract more foreign investors into to China’s bond market.

Big Picture

Increased Use of Futures in Asset Management Could Adversely Impact Market – Kuroda

05/09/2018

Increased use of futures in ETFs and investment trusts, while desirable to deepen futures market, has the potential to create correlation and contagion risks among asset classes where none existed before.

AML / KYC

Convicted Finance Director Sentenced in New Zealand For AML Breaches

04/09/2018

New Zealand-based finance director sentenced to six months of community detention after being found negligent in following AML laws and reportedly laundering NZ$500,000 to conceal a major drug trade.

Capital / Liquidity

Stable Outlook For HK Banks Amid Steady Economic Growth – Moody’s

04/09/2018

A benign economic environment will support Hong Kong bank profitability and asset quality. However, increasing interest rates in the US could tighten bank liquidity.

Fintech / Regtech

HKMA Receives 29 Bids for First Round of Virtual Bank Licences

03/09/2018

Standard Chartered, WeLab, Zhong An Bank and HKT among several banking, technology and telecom firms applying for virtual banking licenses.

Market Infrastructure

China, Japan Agree To Enhance Financial, Regulatory Cooperation

03/09/2018

Central bank and finance ministry officials from China and Japan have agreed to increase dialogue and cooperation on financial supervisory and stability efforts, while opening up financial markets to each other.

Enforcement

Former Shinhan Bank Employees Arrested Over Hiring Malfeasance

03/09/2018

Prosecutors allege that four bank employees, two of which are under arrest, gave preferential treatment to the children of influential former Shinhan bank executives, regulatory officials and senior bureaucrats.