ICBC, China Development Bank, Great Wall, and Postal Savings Bank and a number of their subsidiaries were penalised almost 200mn yuan for various regulatory violations.
January 11, 2021With continuous innovation in the financial sector and the emergence of new types of financial businesses, it is necessary to improve the scope of AML supervision, the PBOC says.
January 2, 2021Ant Group is directed to refocus on its payments business and correct regulatory violations in its credit, insurance, wealth management and asset securitisation businesses.
December 31, 2020Banks are expected to work to strengthen their risk controls, particularly around wealth management to avoid penalties and preserve their corporate governance rankings.
December 18, 2020SAFE pledged to grant additional quotas quarterly. Since September, $12.72bn worth of QDII quotas have been granted to 71 institutions.
December 4, 2020Private banks aim to offer 200 undergraduate traineeship positions over the next three years, benefitting from the Work-Study Support Programme recently launched by MAS.
December 3, 2020The framework looks to boost Islamic finance with a wide offering of products that are linked to socially impactful activities through waqf features.
November 13, 2020China's regulators are working to further relax restrictions on cross-border investment and create new channels for domestic and foreign investors alike.
October 28, 2020The move, estimated to release quotas by $2-3bn per quarter, is being called one of the biggest relaxations in capital controls in recent years.
October 27, 2020The former banker received about $5mn in fund management fees in an entity he beneficially owned, at the expense of and without the knowledge of BSI Bank.
October 23, 2020