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.

Enforcement

S. Korean Brokerage Employee Found Embezzling Customer Funds

31/07/2018

KB Securities IT department employee siphoned over $320,000 from inactive customer accounts to clear personal debts, raising concerns about internal monitoring at South Korean brokerages.

Securities / Derivatives

China Amends Delisting Rules Amid Vaccines Scandal

30/07/2018

Any company involved in illegal activities, disclosure rule violations, or whose action threatens public health, national or ecological security will face compulsory delisting from domestic exchanges.

Enforcement

UPDATED – US SEC Intensifies Probe into India’s NYSE-Listed ICICI Bank

28/07/2018

SEC officials have questioned two of the bank’s top executives on whistle blower allegations that loan provisioning was unfairly delayed to inflate profits by $1.3bn over eight years.