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Goldman’s phone recording hardware failed in January 2014 an went undetected for three weeks, thereby impeding an unrelated CFTC investigation.

The bill, approved by the national policy committee, contains six sales regulations to be applied to all financial products and establishes a legal basis for penalising firms in violation.

The overseas transfers were reportedly used by mainland residents to participate in online gambling sites tied to popular Macau casinos with international licenses.

The bank is disputing the penalty, saying its Caymans subsidiaries were created for as a special vehicle for fundraising, and not to conceal profits or evade taxes.

Effective from 2 December, new variable rates will make it more attractive for institutional investors to borrow securities, increasing the opportunity for securities holders to generate income.

Moody's says the regulation may widen credit divergences between large and small banks, as the latter are less likely to receive less government support.

The China Banking Association is working to develop technology standards to facilitate data analysis, while also ensuring adequate security and data quality management.

Citi’s UK failings led to “significant errors” in the firms’ returns, preventing the Prudential Regulation Authority from obtaining an accurate picture of its capital or liquidity position.

The listing framework for commercial papers will lead to more transparency, a better disclosure regime and greater investor protection.

As the industry comes under fire for AML/CTF violations, ANZ Bank has issued a statement confirming it is reviewing its own systems and has not found any material issues to date.