In Asia, most jurisdictions have made progress with Basel III adoption, though most have yet to make progress on non-cleared derivatives margining and CCP regulation.
Banks have not invested sufficiently in modernising their core internal systems due to a stronger focus on customer-facing applications, says Synpulse partner Salomon Wettstein.
61% of the survey respondents said there is too little personal accountability in ASEAN’s financial sector, compared to just 16% who believe there is too much.
The second phase of the programme is aimed at helping troubled borrowers who owe credit card and personal loan debt to both bank and non-bank lenders.
The AML Council is seeking additional powers to combat financial crime, including the lifting of the bank secrecy law, which would allow it to check all accounts regardless of transaction thresholds.
The draft rules set out requirements for brokers and dealers in relation to short selling of securities, which is currently prohibited in Bangladesh.
Regulation Asia sat down with SIX's Neil Thomas and Robert Jeanbart to discuss what sanctions monitoring means for financial institutions in Asia.
The Philippine central bank has amended rules that previously prohibited the election and appointment of foreign nationals as directors and officers of financial institutions in the country.
Singapore payment services provider NETS Group is helping the Myanmar Payment Union develop a unified e-payment system modelled after the SGQR.