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.
Deutsche Bank has been fined $150mn for its dealings with known sex trafficker Jeffrey Epstein and its correspondent banking relationships with Danske Bank Estonia and FBME Bank.
The bill would reportedly seek to ban Chinese companies that engage in spying or human rights abuse, or support China’s military or industrial policy.
Under the legislation, banks can be penalised for conducting a 'significant transaction' with Chinese individuals or entities named as having contributed to the erosion of Hong Kong’s autonomy.
A legislative notice has been posted in the Hong Kong gazette, saying the national law applies in the city as part of the Basic Law from 11pm on 30 June 2020.
The latest amendment allows banks to invest in venture capital and credit funds and reduces the amount of capital they have to set aside against inter-affiliate swap trades.
The Fed's stress tests found that roughly a quarter of the US big banks would approach the 4.5% minimum CET1 capital requirement in a worst-case scenario, a W-shaped recovery.
A hearing with Nasdaq Hearings Panel was scheduled for Thursday but Luckin withdrew its request a day before.
Once signed into law, the Act will authorise the use of sanctions against individuals, entities and financial institutions in response to China's new national security law for Hong Kong.
The two are accused of falsifying invoices to conceal from UOB and OCBC the sale of sugar to North Korea entities. One of the individuals is also on the FBI's most-wanted list.