MAS published a draft large exposures framework in early 2018, trying to meet the BCBS timeline for adoption in January 2019. The final rules will now take effect in October next year.
Under the proposed law, Australians would face up to two years’ jail and A$25,200 in fines if cash transactions between business and individuals exceed A$10,000.
Supported by the MAS and Singapore's major banks, the project seeks to help wealth managers address money laundering risks with new AI and machine learning capabilities.
The revisions may make it more difficult for banking groups to fund offshore business, and force them to restructure or reconsider the relative value of certain group operations.
Regulation Asia sat down with DTCC's Oliver Williams to talk about how trade reporting regulation has evolved in Asia, and what to expect next.
Two of five US agencies have approved the Volcker Rule revamp, which aims to simplify its requirements and give banks more flexibility to trade.
In addition to the 13 referrals from the royal commission, ASIC has been investigating “three times as many” case studies with a view to initiating legal proceedings in the new few weeks.
Under the government's implementation roadmap, close to 90% of its remaining commitments will be implemented by mid-2020, and legislation for the rest will be introduced by end-2020.
The new market-oriented mechanism for calculating the Loan Prime Rate is expected to lower the cost of borrowing nationwide.
The HKMA has reportedly been investigating several Hong Kong lenders for financing large scale overseas asset purchases by Chinese conglomerates.