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AML / KYC
Chinese Banks Plan for Possible US Sanctions – Report
By Editors | 09/07/2020
Bank of China and ICBC are reportedly preparing for worst-case possibilities that they could be cut off from US dollars or lose access to US dollar settlements.
Market Infrastructure
FSB, BCBS Suggest Supervisory Action for Slow LIBOR Work
By Manesh Samtani | 09/07/2020
The available supervisory tools to accelerate transition at banks could include ad-hoc regulatory capital add-ons, administrative sanctions or other legal actions.
Market Infrastructure
HKEX Clears First HONIA-based Interest Rate Swaps
By Manesh Samtani | 09/07/2020
The first centrally cleared HONIA interest rate swap contract was between BOCHK and HSBC, marking a significant step to promote HONIA’s adoption in the financial industry.
Enforcement
Indonesia’s Planned Bank Regulation Reshuffle Will Take Time
By Duruthu E Chandrasekera | 08/07/2020
President Joko Widodo’s plan to return bank oversight functions to Bank Indonesia is unlikely to be an immediate fix for the ongoing Covid-19 related challenges.
ESG / Sustainability
HKMA Offers Guidance for Banks on Climate Risk Practices
By Manesh Samtani | 08/07/2020
The HKMA has published its observations on the approaches used by major banks to manage climate risk, as guidance for the banking sector as a whole.
Fintech / Regtech
China Progresses Development of Data Security Law
By Editors | 07/07/2020
The draft law says the government will protect the rights of individuals and organisations over the use of their data.
Capital / Liquidity
BOE Sets Deadline for UK Firms to Embed Climate Risk
By Editors | 07/07/2020
By end-2021, financial firms will have to be able to demonstrate that their approaches to managing climate-related financial risk have been implemented and embedded in their organisations.
Market Infrastructure
Singapore Regulator Raises Concerns Over LSEG-Refinitiv Deal
By Editors | 06/07/2020
Singapore’s competition regulator has concerns about whether Refinitiv’s widely used WM/Reuters FX benchmarks would be offered to rival providers at fair and reasonable terms.
Market Infrastructure
16 Banks Announce Initiative to Digitalise Payments Across EU
By Editors | 06/07/2020
The unified payment solution for consumers and merchants across Europe will encompass a payment card, digital wallet, and online and P2P payments.
Big Picture
Virtual Banks Could Shake Up Funds Industry – Report
By Editors | 03/07/2020
Successful virtual banks are likely to branch out into wealth management services, robo-advisory and fund distribution, says a new Calastone paper.
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