AML / KYC

Money 20/20: MAS Speaks Out on Crypto Risks, Blockchain

17/03/2018

In a speech at Money 20/20 Asia, MAS managing director Ravi Menon spoke about the promise of blockchain technology and containing cryptocurrency risks; AML/CTF risks present a “clear and present danger”.

Capital / Liquidity

Malaysia Banks Can Withstand Severe Shocks – BNM

16/03/2018

The central bank’s Financial Stability Committee says Malaysian banks have a “strong capacity” to withstand financial shocks comparable to past crises.

Market Infrastructure

India Bans Bank Issuance of Key Trade Finance Instrument

16/03/2018

An estimated $10bn in LoUs will need to be wound down within three months, forcing banks to rebalance assets and liabilities.

Enforcement

CLSA Fined $1.15mn for Internal Control Failures – SFC

15/03/2018

The firm failed to put in place controls to prevent co-mingling of agency execution and client facilitation services.

Fintech / Regtech

Japan to Push G20 for Global AML Rules for Cryptcurrency

14/03/2018

Japan to urge G20 leaders to close money laundering loopholes that exist due to weak regulation in some jurisdictions, without stifling innovation.

Fintech / Regtech

BIS, CPMI Report Outlines Dangers of Central Bank Digital Currencies

14/03/2018

Central bank-issued digital currencies can enhance payments, settlement, efficiency; but financial stability implications warrant consideration.

Crypto / Digital Assets

Thailand to Legalise Cryptocurrency by Royal Decree

14/03/2018

Cryptocurrencies will be classified as assets and regulated by SEC; capital gains from trading to be taxed at 10 percent.

Market Infrastructure

China Banking, Insurance Regulators Set to Merge

14/03/2018

The merger will eliminate inefficiencies and regulatory overlap; rule making powers and prudential supervision responsibilities will transfer to China’s central bank.

Capital / Liquidity

Basel Committee Publishes Follow-up Reports on Basel III Implementation

13/03/2018

The Committee also published an assessment handbook and self-assessment questionnaire to help member jurisdictions prepare for future RCAP assessments.