Market Infrastructure

BOT Expects Limited Impact from Transition to THOR

15/09/2020

BOT has asked all commercial banks to form working groups to prepare for the changes, saying it will follow up to assess transition progress.

Enforcement

Korea to Strengthen Penalties for Naked Short Selling

15/09/2020

Under a new bill, unauthorised short selling can be punished criminally, in addition to a penalty up to 300% of profits obtained or losses avoided through the short selling.

AML / KYC

Leveraging Data & Tech in Financial Crime Compliance

14/09/2020

The pandemic has been an agent for accelerated change in operational and frontline functions. Financial crime compliance teams need to get in on the act.

Enforcement

SFC Issues Statement on Alleged Manipulation of Next Digital Shares

14/09/2020

The SFC does not explicitly say whether it is investigating Next Digital trading activity or whether a request for assistance was received from police ahead of last week’s arrests.

Fintech / Regtech

HSBC to Scrap More Fees for Hong Kong Retail Customers

13/09/2020

A recent sequence of measures to shift to lower-cost, digital-first services for SME and retail customers is largely seen as a response competition from the new virtual banks.

ESG / Sustainability

CFTC Report Warns of Systemic Risks from Climate Change

10/09/2020

The report calls on financial regulators to move “urgently and decisively” to measure, understand, and address the risks climate change poses to the US financial system.

Market Infrastructure

MAS Finalises Individual Accountability and Conduct Guidelines

10/09/2020

Financial institutions are expected to strengthen senior manager accountability and promote a culture of ethical behaviour. The guidelines take effect on 10 September 2021.

Market Infrastructure

MAS to Intensify Supervisory Engagement to Drive SORA Transition

09/09/2020

In an ABS virtual roundtable, MAS deputy managing director Jacqueline Loh spoke of a three-pillar approach to support a smooth transition from SOR to SORA.

Fintech / Regtech

Mox Bank Launches Virtual Banking Services in Hong Kong

09/09/2020

Mox Bank, backed by Standard Chartered, PCCW, HKT and Ctrip Financial, is first opening accounts for its 20,000 pre-registrants before it opens to the rest of the public.