AML / KYC

Non-EU Markets Regulators Seek Formal GDPR Exemptions – Report

28/06/2018

New EU data privacy law could put cross-border investigations in jeopardy, leading non-EU regulators including Japan’s FSA and Hong Kong’s SFC to press for formal clarification on application of cross-border information sharing exemptions.

Big Picture

Worst-case Cyber Attack Losses Could Cost Banks Half of Profits – IMF

27/06/2018

Extreme risk scenario threatening financial stability characterised by increases in attack frequency and interdependence, or occurrence of large magnitude events.

Market Infrastructure

RBI Directs Banks to Upgrade Security Amid Rising ATM Fraud

26/06/2018

Banks instruct banks and white-label ATM operators to upgrade ATM security in a phased manner until June 2019, threatening enforcement action for noncompliance.

Capital / Liquidity

Laos Scraps Restrictions on Foreign Currency Loans

26/06/2018

The 2016 restriction on lending in foreign currencies has been removed in order to allow banks to inject overseas-sourced funding into the country’s economy.

Securities / Derivatives

Philippine Bourse to Introduce Short Selling

26/06/2018

Only members of PSE index and ETFs are eligible for short selling, up to a maximum of 10% of outstanding shares; naked short selling not permitted.

Capital / Liquidity

Further Delays at G-SIBs on Risk Data Compliance – BCBS

25/06/2018

Progress report shows only only three G-SIBs have achieved full compliance with Principles for effective risk data aggregation and reporting; complexity and interdependence of IT improvement projects cited as main challenges.

Capital / Liquidity

PBOC Cuts RRR to Stem Impact of US Trade Row

25/06/2018

Of the funds released with the cut, ¥500b should support debt-to-equity swap programme to lower corporate debt ratios, ¥200b to be used for SME lending.

Enforcement

Australian Court Ratifies CBA’s BBSW Settlement

25/06/2018

CBA will pay a $A5m penalty, A$15m to a financial consumer protection fund, and $A5m towards ASIC’s litigation and investigation costs; bank also agreed to enter into enforceable undertaking with ASIC.

Capital / Liquidity

S. Korea Banks Face Loan Rate Manipulation Probe

25/06/2018

FSS found thousands of irregularities in lending rate calculations including omission about income or collateral in credit evaluations, resulting in unfairly high lending rates.