10/22/2020
HKMA Asks FIs to Protect Customer Interests in LIBOR Switch
Banks are expected to develop robust education and outreach programmes to help customers make informed decisions when assessing the options available in the transition.
Legal, Regulation & Compliance
10/22/2020
Japan Lawmakers to Propose Streamlining FSA, BOJ Bank Inspections
Lawmakers reportedly plan to propose that the FSA and BOJ create a committee to address complaints from FIs concerning an overlap between the two agencies in bank inspections.
10/22/2020
Hong Kong fines Goldman Sachs record $350m over 1MDB
The 1MDB bond offerings were arranged and underwritten by Goldman Sachs International,
10/21/2020
Goldman Poised to Pay More Than $2 Billion in DOJ’s 1MDB Probe
Deal to push Goldman’s tally of penalties to around $5 billion
10/21/2020
FSB Publishes Cyber Resilience Toolkit for Financial Sector
It also more clearly delineates between the roles and responsibilities of the board and of senior management.
10/21/2020
AUSTRAC Launches AML Investigation into Crown Resorts
According to the Australian Financial Review, Crown Resorts is accused of failing to act on suspicious transactions that its Melbourne casino knew were linked to Chinese junket operators who brought wealthy gamblers to its casinos.
10/21/2020
Hong Kong Banks Asked to File STRs for Suspected NSL Breaches
The reporting obligations are triggered when a bank “knows or suspects that any property is offence-related property”
10/20/2020
Shenzhen Granted Autonomy to Enact Market-based Reforms
Under the plan, Shenzhen will be able to start a stock futures index, and list innovative companies on the city’s stock market with depositary receipts.
10/20/2020
Capital Buffer Rules May Need to Change, says BOE’s Jon Cunliffe
Regulators allow lenders to tap into their mandatory capital conservation buffer to issue credit without risking their operations or existence, but doing so limits payouts like employee bonuses, share buy-backs or dividends to investors.
10/20/2020
NAB has been fined $15 million after its controversial $24 billion referral program blew up
The good Justice is of course well aware of what went wrong, as everyone from bankers to accountants to real estate agents milled about to get their kickbacks.
10/19/2020
Firms in Singapore told to be responsible, sensitive if retrenching staff
The advisory was previously updated in March to lay out options employers have besides retrenchment, such as training or "time banking" unused working hours to be repaid when business picks up.
10/19/2020
Crown Resorts Faces Money-Laundering Probe in Australia
The probe has led to revelations of numerous risk management failures and calls for changes in the board.
10/19/2020
Ant Group gets China nod for Hong Kong leg of US$35 billion dual-listing: Source
The China Securities Regulatory Commission is also expected to approve Ant's Shanghai Star Market IPO this week.
10/19/2020
Budget misses the mark
Klassen stressed that the insolvencies have not happened yet while another wave of infections was continuing to hit Europe and the US and demand has not recovered, even in largely virus-free countries.
10/19/2020
PBOC Issues Draft Rules ‘Fully Revising’ Commercial Bank Law
The revisions will also strengthen financial consumer protections, enhance fair market competition, impose obligations on shareholders, and emphasise the core role of the board of directors.
10/19/2020
SoW/SoF Checks: What Does Good Look Like?
The guidance offers examples of the good practices MAS observed, as well as instances where corroboration was inadequate.
10/16/2020
Speech at the Hong Kong Management Association 2020 Quality Award Presentation Ceremony
We will continue to work with the banking industry to apply technology to enhancing finance for customers in Hong Kong.
10/16/2020
Countdown Begins for Bank Sanctions over Hong Kong Autonomy
Financial institutions seen as violators risk secondary sanctions which include restrictions on U.S. loans, foreign exchange, property transactions, exports and transfers alongside measures targeting their executives.
10/16/2020
Singapore’s central bank keeps policy unchanged
The decision was a “well-telegraphed hold” and the MAS is likely to keep its neutral policy stance through the end of 2021, said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd in Singapore.
10/16/2020
India’s banking sector: a liability for monetary policy effectiveness?
Before the pandemic, the ratio of gross NPAs to total assets was 8.3 per cent for the overall banking system and close to 10 per cent for government-owned public sector banks.