Enforcement

PBOC Penalises Shanghai-based Payment Firms

02/08/2018

Kayou Payment Services and Free Me Pay were ordered to exit merchant acquisition business and to pay penalties totaling $5mn for violating payment and settlement rules.

Capital / Liquidity

S. Korea FSS Gets Tough on High Interest Lending at Savings Banks

02/08/2018

Over 850,000 borrowers are paying over 25% interest on loans at savings banks; FSS vows to protect consumers by boosting monitoring and inspection efforts and by publicly naming lenders charging excessively.

Market Infrastructure

LIBOR Transition Programmes Should Mobilise Immediately – Report

01/08/2018

New report by Oliver Wyman says firms should start developing new non-LIBOR products and managing down LIBOR exposures; those that do not act quickly in anticipation of the transition will increase risks and costs.

AML / KYC

FATF Publishes ‘Professional Money Laundering’ Report

31/07/2018

FATF says many countries not sufficiently investigating, prosecuting professional money launderers who provide third-party laundering services for a fee, often acting in a professional capacity also serving legitimate clients.

Enforcement

S. Korean Brokerage Employee Found Embezzling Customer Funds

31/07/2018

KB Securities IT department employee siphoned over $320,000 from inactive customer accounts to clear personal debts, raising concerns about internal monitoring at South Korean brokerages.

Securities / Derivatives

China Amends Delisting Rules Amid Vaccines Scandal

30/07/2018

Any company involved in illegal activities, disclosure rule violations, or whose action threatens public health, national or ecological security will face compulsory delisting from domestic exchanges.

Enforcement

UPDATED – US SEC Intensifies Probe into India’s NYSE-Listed ICICI Bank

28/07/2018

SEC officials have questioned two of the bank’s top executives on whistle blower allegations that loan provisioning was unfairly delayed to inflate profits by $1.3bn over eight years.

Market Infrastructure

CPMI-IOSCO Report Shows PFMI Implementation Progress

27/07/2018

21 of 28 jurisdictions self-attest to full implementation of PFMI; South Korea’ implementation gap relates to trade repositories, while Indonesia’s relates to clearing and settlement systems.

Enforcement

China Regulators Release First Half Enforcement Stats

27/07/2018

During H1 2018, CBIRC fined 798 banks and banned 175 banker as part of its crackdown on risk; meanwhile, CSRC launched 307 investigations and initiated 108 new cases.