MAS renews plan to establish KYC storehouse; HK and PBoC to collaborate on CBDC; MAS unleashes AI based compliance tool; BoT eases capital restrictions amid baht volatility
Compliance work related to derivatives will reduce under revised European regulations but get your early reporting in to qualify for exemptions and avoid unnecessary queries later
China backs away from new e-commerce rules; China clarifies tax position for foreign bond holders; AML probe deepens on Japanese bank; RBA takes aim at bank profits; MAS grants first private securities platform licence
Regulators are quickly paring back the rhetoric on KYC technology that promised to speed up bank onboarding. The problem now seems no closer to being resolved.
As a Hong Kong's regulator slaps a HK$5 million fine on a bank that breached money laundering regulations, CT looks at the work being done behind the scenes to improve KYC technology.
Treasurers tell CT what a return to the reserve requirement on forward trading – which puts the brakes on renminbi-US dollar forwards – will mean for their operations.
Money market funds have so far failed to find favour with treasurers, except in China. A new product in Hong Kong could change all that – if high fees don't get in the way.
Notional cash pooling avoids the physical transfer of foreign exchange, reducing FX risk. The US tech manufacturer's Yvione Zhou explains how it works in Asia.
Hong Kong's draft rules on base erosion and profit shifting – perhaps the biggest shake-up of the corporate tax system since the 1940s – go too far, according to businesses in the city.