Fintech / Regtech

S. Korea to Ease Rules on Cloud Storage of Customer Data

16/07/2018

FSC is expanding the types of information financial companies can store on cloud computing systems to include personal credit and identification information.

Enforcement

CBA Enters Enforceable Undertaking with ASIC for BBSW Manipulation

12/07/2018

CBA will engage an independent expert to assess changes to the banks’ policies, procedures, systems, controls, training, guidance and framework for the monitoring and supervision of employees and trading in Prime Bank Bills.

Crypto / Digital Assets

RISE HK: Regulation Needed to Clean Up Crypto Sector

12/07/2018

At the RISE conference in Hong Kong this week, industry participants called for regulation in the crypto sector “earlier rather than later”, to avoid backlash which could set the industry back.

Securities / Derivatives

China Brokers Face Loan Risks Amid Market Sell-Off – Report

11/07/2018

Equity-backed loans amount to 103% of net capital at Chinese brokerages; $2tn sell-off since January rapidly eroding value of collateral, reports Bloomberg.

AML / KYC

FATF Consults on Securities Sector AML/CFT Guidance

11/07/2018

Guidance aimed at assisting to countries, competent authorities, providers of securities products and services, and intermediaries in risk-based design and implementation of applicable AML/CFT measures.

Capital / Liquidity

PBOC Adviser Signals Easing in China Debt Crackdown

11/07/2018

Regulators will avoid overusing “one-size-fits-all” policy in cutting debt levels, amid slowing market slump and economic growth, along with rising trade tensions and credit defaults.

AML / KYC

Australia Joins New International Tax Enforcement Alliance

11/07/2018

The ‘J5’ will three global tax enforcement initiatives: cybercrime and virtual currencies, enablers of offshore tax crime, and data platforms; new alliance includes Canada, US, UK, Netherlands.

Enforcement

CCB Hong Kong Unit Fined for IPO Sponsor Failures

10/07/2018

SFC has fined CCB International Capital HK$24mn for failing to conduct reasonable due diligence for seafood company Fujion Dongya Aquatics in its 2014 listing.

Big Picture

Off-boarding Tail Clients a Short-Sighted Approach – Report

09/07/2018

Report by Quinlan & Associates suggests potential for digital transformation to deliver 10-15% boost in top-line revenues and 30% reduction in operating costs, with tail clients a key opportunity.