Market Infrastructure

AML / KYC

Japan Banks Exit Forex Business Amid AML Cost Concerns

By Editors | 17/10/2019

While smaller banks are exiting the foreign exchange business entirely, larger banks are raising counter service fees for overseas remittances.

Market Infrastructure

Disclosure Can Contribute to Customer Harm: ASIC

By Editors | 17/10/2019

Disclosure can backfire in unexpected and harmful ways and should not be relied upon by itself to drive good consumer outcomes, ASIC says in a joint report with the Dutch regulator.

Fintech / Regtech

Beyond Data Governance: Developing a Data Culture in Asia’s FIs

By Garima Chitkara | 17/10/2019

To create a truly competitive advantage and achieve their commercial goals, Asia’s financial institutions need to integrate strong data culture into their data governance approaches.

Capital / Liquidity

China Further Opens Banking, Insurance Sectors to Foreign FIs

By Editors | 16/10/2019

Effective immediately, foreign financial institutions can establish wholly-owned banks in China, which can be operated alongside foreign bank branches and Sino-foreign joint venture banks.

Market Infrastructure

FSB Reports on OTC Derivatives Reform Progress

By Editors | 16/10/2019

Comprehensive trade reporting requirements are in force in 23 of 24 FSB member jurisdictions, and authorities are increasingly making use of trade repository data.

Enforcement

ASIC Grants Advisers Relief From Compliance Obligation

By Editors | 16/10/2019

ASIC will grant a three-year exemption from the obligation to ensure that financial advisers are covered by a compliance scheme, and from the associated notification obligations.

Fintech / Regtech

Korea to Pilot Open Banking Platform From 30 Oct

By Editors | 16/10/2019

Banks and fintechs will pilot test the ability of customers to manage multiple bank accounts and withdraw and transfer money from within a single app.

Market Infrastructure

PBOC Privately Solicits Bank Feedback on Customer Data Protection

By Editors | 16/10/2019

Draft measures on personal financial data protection have reportedly been issued to some banks as part of the PBOC’s consultation process.

Fintech / Regtech

FSC Korea Receives Applications for Internet-only Bank Licences

By Editors | 16/10/2019

The FSC said it plans to make a decision on initial approvals in December, after three consortia submitted bids in the second round of applications for internet-only bank licences.