Other Asia Pacific

AML / KYC

ASIFMA Publishes AML/KYC Best Practice Paper

By JP Reimann | 11/06/2018

Industry group focuses on nine AML/KYC areas, largely drawn from industry consensus of best practices currently applied by members in Hong Kong and Singapore.

Crypto / Digital Assets

Indonesia Recognises Cryptocurrencies As Commodities

By Garima Chitkara | 07/06/2018

Commodities regulator reportedly introducing futures trading in crypto even as Indonesia’s financial services regulator continues to bar financial firms from trading in any crypto-based instruments.

Capital / Liquidity

The Philippines Adopts NSFR For Large Banks

By Garima Chitkara | 07/06/2018

Banks given six months starting 1 July to start reporting NSFR; banks unable to meet the ratio will need to submit funding plan to the central bank.

Enforcement

Malaysia Central Bank Chief Resigns Amid 1MDB Controversy

By Manesh Samtani | 07/06/2018

Controversy relates to a land purchase by BNM; proceeds used by government to partly settle debt owed by troubled state fund 1MDB.

AML / KYC

Cryptocurrency in APAC: Opportunity, Challenge, and Risk

By David Liu | 06/06/2018

Financial institutions are at risk from the inherently opaque nature of cryptocurrency transactions, and require robust compliance programs to mitigating legal, financial, reputational, and regulatory risks.

Capital / Liquidity

Sri Lanka State Banks Undercapitalised for Basel – Fitch

By Manesh Samtani | 05/06/2018

Large state banks short an estimated $120mn in capital, of which state banks account for 72%; government infusion may be needed to meet Basel III 2019 requirements.

Market Infrastructure

Malaysia Scraps GST on Banking Products

By Manesh Samtani | 03/06/2018

Effective 1 June, Malaysian banks will impose a zero percent GST on all banking products and services, previously subject to 6% GST.

Market Infrastructure

Vietnam to Adopt IFRS Starting This Year

By Garima Chitkara | 31/05/2018

Vietnam to phase in IFRS standards starting this year until 2020 through the adoption of ten to twenty standards deemed appropriate for implementation.

Enforcement

Malaysia Adopts FSPB Professional Code for Finance Industry

By JP Reimann | 28/05/2018

The code aims to instil core minimum standards of conduct, enhance confidence, promote sustainability across financial sector by promoting strong culture of professionalism.