Region: China

China “tightens the screws” on crypto

Three industry bodies in China have announced a ban on financial institutions and payment companies from providing services related to cryptocurrency transactions, in a move one practitioner calls an effort to “contain a competitor”.

21 May 2021

EU and Russia push forward on CBDC plans, amid pushback

Central banks in Russia and the European Union have both moved forward on their ambitions for digital versions of their currencies, as private sector voices increasingly raise concerns about the potential impact of CBDCs on financial stability.

16 April 2021

Baoshang bankruptcy a “compliance wake-up call” in China

China’s central bank has announced that it will allow troubled Baoshang Bank to become the first commercial lender to file for bankruptcy in China since 2001, in a move that could prompt other lenders to “step up” their risk assessments and internal audits amid growing non-performing loan portfolios.

10 August 2020

Regulatory round-up – AML/CFT outsourcing in Singapore; naming and shaming in China; buffers in Jamaica

Singapore’s capital markets intermediaries have come under fire for their outsourcing practices for anti-money laundering/counter-financing (AML/CFT) obligations; a Chinese regulator has published a list of misbehaving bank shareholders; and Jamaica is considering introducing a counter-cyclical capital buffer.

16 July 2020

Chinese regulator overhauls financial crime rules

China’s banking regulator has announced new guidelines for financial institutions to deal with financial crime, in a move that could see banks held accountable for lax reporting and employee misconduct.

05 June 2020

Chinese regulator issues first fines for lax data reporting

China’s banking regulator has fined the country’s four major state-owned lenders for inconsistencies in their financial data reporting, marking the first time it has issued penalties for data matters amid the release of stricter standards.

15 May 2020

Community round-up: Bank of Japan names first female executive director

The Bank of Japan has named the first female executive director in its 138-year history, while UBS has hired a new China integration lead from Chinese regulator CBIRC, and the International Swaps and Derivatives Association has named two new directors to its board.

11 May 2020

Regulators tell Bank of China to probe US$1.3bn oil slump loss

The Bank of China could be faced with a class action lawsuit after it lost over 7 billion yuan (US$1.3 billion) through its oil futures investment product, after the price of crude oil went negative for the first time in history.

01 May 2020

China approves Goldman and Morgan Stanley majority stakes

China has removed restrictions on foreign ownership of securities entities, days after Goldman Sachs and Morgan Stanley won regulators’ approval for them to assume majority control over their local joint ventures.

03 April 2020

Global regulators announce coronavirus measures

Regulators across the world are easing capital restrictions in response to the COVID-19 pandemic – with the Bank of England warning UK banks not to use freed-up cash for bumping up bonuses and dividends.

13 March 2020

Get unlimited access to all Global Banking Regulation Review content