US Federal Reserve Board cites deficiencies in Mega Bank's operations, risk management and compliance controls in relation to AML and bank secrecy laws.
Central bank warning comes as prime minister asks for increased inspection and supervision over banks.
Firms in the region either embrace, endure or avoid MiFID II’s LEI requirement, but must accept that it’s not just regulations from the US which now have a profound extraterritorial impact.
New guidance removes threat of criminal prosecution in cases of “non-serious” regulatory breaches and cooperation 'above and beyond' regulatory obligations.
Regulator says money changers, remittance firms don’t need pre-approval for video-onboarding and other tech, but must have non-face-to-face procedures audited.
BSP has begun reporting international banking statistics from January 2018, having met BIS standards for completeness and quality.
The country will automatically exchange tax information from January 2017 with 61 countries under the OECD’s Common Reporting Standards.
Circular sent to firms following a feedback report issued by the Joint Financial Intelligence Unit.
Plan includes penalties for noncompliance, rooting out of foreign investors and minors, but no trading ban in the short term.
Shenzhen, Shanghai exchanges confirm stock pledges and repos must serve real economy, limit proportion of stock allowed to be pledged.
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