Financial Crime

KYC & CDD

India Tightens Outward Remittance Norms To Check Fund Flows

By Garima Chitkara | 21/06/2018

The RBI requires the quoting of permanent account numbers for all transactions. It has also tightened the definition of “close relative” for funds sent for the “maintenance” of close relatives under its remittance regulation.

Cryptocurrency

Japan Scrutinises Crypto Exchanges, Industry Body to Release New Rules

By JP Reimann | 21/06/2018

FSA to issue business improvement orders on registered crypto exchanges; self-regulatory industry association to release new voluntary rules on 27 June.

Credit Risk

Chinese Bank NPLs Rise Due To Stricter Loan Classification

By Garima Chitkara | 21/06/2018

Chinese regulators have been enforcing regulations more strictly to curb financial risk, causing bank NPL ratios to rise to 1.9% at end-May, up from from 1.75% at end-March.

Anti-Money Laundering

Australian Court Ratifies A$700mn AUSTRAC-CBA Settlement

By Garima Chitkara | 21/06/2018

CBA came to an agreement with AUSTRAC on 4 June to pay a A$700mn penalty for contraventions to the AML/CTF law, representing the largest fine in Australian corporate history. Australia’s Federal Court has now ratified the agreement.

Payments & Settlements

Singapore Accelerates Shift to Digital Economy

By Manesh Samtani | 21/06/2018

MAS board member Ong Ye Kung pledges to eliminate cheque usage by 2025, while also reducing the need for ATM cash withdrawals, through increased adoption of e-payments.

Cryptocurrency

ASIFMA Publishes Best Practices Guide for Crypto Exchanges 

By Manesh Samtani | 21/06/2018

New report guides digital asset exchanges towards international nest practices for listing processes, market manipulation, pricing and liquidity, AML/KYC and cybersecurity, among other areas.

Emerging Prudential Risks

Thailand, Japan to Cooperate on Banking Supervision

By Manesh Samtani | 20/06/2018

BOT and Japan FSA agreement sets out process they will follow to foster greater cooperation for information sharing, on-site visits, supervisory colleges and crisis management.

Fraud, Scams & Cybercrime

S. Korea To Tighten P2P Lending Regulation Amid Rising Fraud

By Garima Chitkara | 20/06/2018

New rules aim to control growth of the $24.7bn industry by requiring greater disclosures for secured lending, notarised mortgages valuations, among other measures.

Market Abuse

Goldman Faces Naked Short Selling Fine in S. Korea

By Manesh Samtani | 19/06/2018

South Korean branch of Goldman Sachs International said its naked shorts were the result of an institutional investor reversing a decision to lend it shares; the firm faces a fine up to $896,000.