The KYC Utility project was shelved last year after the setup costs were deemed to be too high. This time, the MAS will look at “less costly” technology architecture.
ASIC is offering guidance to help companies and implement whistleblower policies. It will be a legal requirement to have a policy in place from 1 January.
New rules increase repo transaction tenor to five years and expand the list of eligible securities allowed in repo transactions.
Regulation Asia held its second annual Awards ceremony on 13 November 2019 to recognise technology companies, legal and consulting firms, and exchanges that have helped shape the regulatory landscape in Asia Pacific over the past year.
Penalties for mis-selling are being toughened to include fines up to 30 million won and pubitive fines up to 50 percent of unfair gains. New standards for professional investors also established.
The Supervisors’ Forum brought together supervisors from over forty countries to discuss ways in which oversight on ML/TF risks can be enhanced.
CBIRC comments came after worries about the health of small banks resurfaced following two bank runs on regional lenders in less than two weeks.
Enforcement of AML/CTF rules increased in 2018, evidenced by a 41% increase in fines levied. Firms in non-financial sectors have also been brought under the PBOC’s AML/CTF supervision ambit.
The move comes as the country’s securities regulator has extended its timeline to make all retail applications for public equity issues to be paid exclusively using digital payment application, UPI.
The BCBS says different supervisory functions should exchange information and cooperate both domestically and across borders, regardless of the institutional setting.