Enforcement

Malaysia Central Bank Chief Resigns Amid 1MDB Controversy

07/06/2018

Controversy relates to a land purchase by BNM; proceeds used by government to partly settle debt owed by troubled state fund 1MDB.

Securities / Derivatives

Taiwan to Launch Crude Oil Futures in July

05/06/2018

Taiwan Futures Exchange chairman says crude oil futures will allow domestic investors to trade without adverse currency fluctuations; also exploring the application of fintech and other technologies for clearing services.

Market Infrastructure

ASIC Consults on ‘Foreign’ AFS Licence Proposal

05/06/2018

New approach would replace current mechanism of granting relief to foreign financial service providers from AFS licensing, and provide ASIC with broader range of tools to regulate the activities of foreign providers.

Capital / Liquidity

Sri Lanka State Banks Undercapitalised for Basel – Fitch

05/06/2018

Large state banks short an estimated $120mn in capital, of which state banks account for 72%; government infusion may be needed to meet Basel III 2019 requirements.

AML / KYC

Commonwealth Bank Agrees to A$700m Penalty for AML Breaches

04/06/2018

AUSTRAC investigations revealed inadequate AML/CTF risk assessment and controls, leading to failures in monitoring transactions, submitting transaction reports, detecting money laundering.

Market Infrastructure

Malaysia Scraps GST on Banking Products

03/06/2018

Effective 1 June, Malaysian banks will impose a zero percent GST on all banking products and services, previously subject to 6% GST.

Securities / Derivatives

S. Korea Announces Measures to Prevent Stock Trade Errors

29/05/2018

Measures to prevent repeat of Samsung Securities dividend payout error include new real-time monitoring system, tighter controls at securities firms, tougher penalties.

Capital / Liquidity

China Allows Non-banks to Sell Bad Debt Overseas

29/05/2018

SAFE also simplified the process for transferring NPLs to foreign investors for non-banks; previously only banks were allowed to sell bad debt to foreign investors.

Enforcement

Australia Introduces Final Phase of ASIC Industry Funding Legislation

28/05/2018

Final phase involves fees ASIC charges for specific activities such as licence or registration applications; industry funding model to commence 1 July 2018.