Asia-Pacific

'Debt Clinic' programme to pooling unsecured bad loans under Sukhumvit Asset Management will expand to an additional 50,000 borrowers.

Deputy chief Arthur Yuen highlighted technological innovation, increased information sharing and the application of a risk-based approach as the key issues to implementing effective AML systems.

Trade-based money laundering is a source of concern for banks, according to a just released survey by the Bangladesh Institute of Bank Management; mis-declaration of pricing and traded goods a key source of money laundering in trade.

The central banks have agreed on a partnership to encourage fintech innovation and strengthen banking supervision.

Central bank says many online lending firms are not licensed, making the loans illegal.

Most Asian jurisdictions are behind on implementing counterparty credit risk measures, capital for CCP exposures as well as TLAC, IRRBB and LEX requirements.

Philippine central bank launch of InstaPay will enable real-time electronic fund transfers up to PHP50,000 per day through 20 participating institutions.

BOT requires all e-money, card and fund transfer service providers to register or seek approval from the central bank by 14 August.

As the country looks to increase grass-roots access to finance, it will require greater engagement with the international financial community, requiring greater focus on preventing financial crime.

New guidelines and amendments to stress the importance of mediation and arbitration to take pressure off the courts saddled with NPL recovery cases.