Fintech / Regtech

Financial Regulators Consult on ‘Global Sandbox’ Approach

09/08/2018

HKMA, MAS, ASIC among 12 regulators seeking views from interested parties on new Global Financial Innovation Network initiative, including its role, tools and where it should prioritise activity.

Market Infrastructure

Two Thirds of Cyber Incidents Caused by Staff – Willis Towers Watson

08/08/2018

Companies and their staff need cyber training and education to ensure they are aware of the need to protect customer information at all times, and in particular, of the reputational and business interruption risks of having cyber incidents, says Willis Towers Watson’s Jessica Wright.

Market Infrastructure

Talking Derivatives Trade Reporting with DTCC’s Oliver Williams

08/08/2018

Enhancements to DTCC’s Global Trade Repository service in Singapore will support the MAS’s next phase of derivatives trade reporting requirements, as well as improve usability and reduce complexity for users.

AML / KYC

Financial Institutions on Frontline Against Human Trafficking – FATF

06/08/2018

Countries must assess risk of human trafficking and laundering of its proceeds, and share this information with stakeholders; partnerships with private sector – financial institutions in particular – are key.

Market Infrastructure

SFC to Assess Licensed Firms for FRTB Adoption Readiness

06/08/2018

Pending an update from the Basel Committee on FRTB, the SFC will assess the readiness of LCs to adopt the internal models approach for market risk based on the Basel II.5 framework.

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.