AML / KYC

Hong Kong FSDC Releases Digital ID and KYC Utility Report

25/06/2018

The FSDC has laid out four key recommendations for creating a digital identity and e-KYC based infrastructure for Hong Kong.

Market Infrastructure

India Proposes LEI Rules For All Financial Transactions

25/06/2018

RBI releases draft rules which would require the use of LEIs for non-derivatives transactions, having already announced a phasing in for OTC derivatives markets.

Market Infrastructure

India Tightens Outward Remittance Norms To Check Fund Flows

21/06/2018

The RBI requires the quoting of permanent account numbers for all transactions. It has also tightened the definition of “close relative” for funds sent for the “maintenance” of close relatives under its remittance regulation.

Capital / Liquidity

Chinese Bank NPLs Rise Due To Stricter Loan Classification

21/06/2018

Chinese regulators have been enforcing regulations more strictly to curb financial risk, causing bank NPL ratios to rise to 1.9% at end-May, up from from 1.75% at end-March.

AML / KYC

Australian Court Ratifies A$700mn AUSTRAC-CBA Settlement

21/06/2018

CBA came to an agreement with AUSTRAC on 4 June to pay a A$700mn penalty for contraventions to the AML/CTF law, representing the largest fine in Australian corporate history. Australia’s Federal Court has now ratified the agreement.

Market Infrastructure

LEI Transition Period For MiFID II To End In July – ESMA

21/06/2018

The six month transition period put in place in December 2017 to allow firms to obtain LEIs to comply with MIFID will end on 2 July 2018, as ESMA rules out any extensions in a new statement.

Enforcement

ASIC Releases Oversight Guidance For New Financial Complaints Body

21/06/2018

Newly-formed Australian Financial Complaints Authority will commence operation on 1 November 2018; new regulatory guidance provides ASIC powers of oversight, regulation and rule making over AFCA.

Securities / Derivatives

First CDR Applicant Xiaomi Postpones Mainland Listing

20/06/2018

Xiaomi, the first applicant for China’s Depository Receipt programme has decided to put its CDR offering on hold until after its Hong Kong IPO later this month.

Market Infrastructure

Cambodia Opens Applications for New CIS-Related Licences

20/06/2018

Cambodia’s securities regulator has started accepting applications for licences for fund managers, distributors, administrators, trustees, among other CIS-related activities.