HALISTER1: Tetangco Asks Lawmakers to Ease Bank Secrecy to Fight Laundering

Tetangco Asks Lawmakers to Ease Bank Secrecy to Fight Laundering

(Bloomberg) -- Bangko Sentral ng Pilipinas Governor Amando Tetangco wants lawmakers to ease law providing absolute bank deposit secrecy as part of country’s bid to combat money laundering, particularly after $81m theft of Bangladesh funds.
  • Bangko Sentral would have had “better chance to detect” and preempt laundering of Bangladesh reserves in Philippines had regulator been given wider authority over remittance and electronic money cos and if it had power to look into bank accounts, Tetangco tells Senate hearing in Manila.
  • NOTE: Philippines was thrown into the spotlight for what is described as one of the largest bank heists in modern history in Feb.; Bangladesh is seeking to recover what thieves stole after hacking into its account at U.S. Fed, routed funds to accounts at Rizal Bank before most of money disappeared through Philippine casinos Link
  • NOTE: Only Philippines and Lebanon have full bank secrecy, governor says and that central bank used to have authority to look into accounts
  • Easing or even repealing bank secrecy unlikely to cause bank runs and amendment proposed by central bank provides for strict confidentiality of any investigation, Tetangco says at hearing on proposed amendments to BSP charter and to bank secrecy
  • Bankers Association of the Philippines supports easing of secrecy law and amendments to Bangko Sentral act, its executive director Cesar Virtusio tells hearing
  • Bangko Sentral is separately working on regulation to tighten supervision over financial technology, electronic banking in line with Basel framework, Tetangco says
  • Philippines to establish national retail payments system that will provide infrastructure for digital finance transactions, Deputy Governor Nestor Espenilla says at hearing
  • NOTE: Philippines Boosts Defenses Against Cyber Attacks, Laundering Link
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BSNZ PM (Bangko Sentral ng Pilipinas)

People
Amando Tetangco (Bangko Sentral ng Pilipinas)
Cesar Virtusio (Bankers Association of The Philippines)
Nestor Espenilla (Bangko Sentral ng Pilipinas)

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UUID: 7947283

HALISTER1: JGB Yield Curve Steepens on Concern Over 30-Yr Sale: SMBC Nikko

JGB Yield Curve Steepens on Concern Over 30-Yr Sale: SMBC Nikko

(Bloomberg) -- Yield curve of Japanese govt bonds is steepening, led by super-long tenors, amid worries that 30-year auction scheduled for tomorrow may face weak demand, says Souichi Takeyama, rates strategist at SMBC Nikko Securities.
  • There’s uncertainty over BOJ’s QQE program, says Tokyo-based Takeyama by phone; sees possible rise of 10-year JGB yield above 0% if 20-year yield extends gain
  • 20-year JGBs look relatively cheap on a 10y/20y/30y butterfly: Takeyama
  • 10-year yield up 1 bp at -0.010%, highest since March 16; 20-year yield up 2.5 bps at 0.425%; 30-year yield up 3.5 bps at 0.540%; 40-year yield up 3.5 bps at 0.605%
  • NOTE: BOJ to reaffirm monetary easing boost at Sept. 20-21 meeting, Nikkei says; BOJ may fine-tune policy tools at Sept. review, Reuters says
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Souichi Takeyama (SMBC Nikko Securities Inc)

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UUID: 7947283

HALISTER1: Mega Bank Failed to Assist New York Regulator: Taiwan FSC (Fri)

Mega Bank Failed to Assist New York Regulator: Taiwan FSC (Fri)

(Bloomberg) -- Financial Supervisory Commission releases initial findings of investigation into Mega Intl Comm Bank’s anti-money laundering rule violations in New York, saying bank didn’t respond appropriately.
  • Bank’s NY branch didn’t have internal guidelines on US rules against money laundering; staff failed to comprehend the rules: FSC statement Sept. 2
  • Bank’s head office failed to send representative to assist the NY regulator after it learned of possible enforcement action and after the report on violations was released
  • Head office failed to help resolve incomplete information submitted to the NY regulator
  • Bank failed to report NY violations to its board promptly
  • Mega overly emphasized cost cutting, including compliance costs
  • FSC says it is cross-checking information, fault-finding process continues; full report to be available by end-Sept.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
2886 TT (Mega Financial Holding Co Ltd)

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HALISTER: Barclays Said Close to Naming Throsby to Run Investment Bank

Barclays Said Close to Naming Throsby to Run Investment Bank

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
BARC LN (Barclays PLC)
JPM US (JPMorgan Chase & Co)

People
James Staley (Barclays PLC)
Tim Throsby (JPMorgan Chase & Co)
Ashok Vaswani (Barclays PLC)
Cs Venkatakrishnan (Barclays PLC)
John Mahon (Barclays PLC)

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Who's News - People

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UUID: 7947283

(2) *BARCLAYS SAID CLOSE TO NAMING THROSBY TO RUN INVESTMENT BANK

*BARCLAYS SAID CLOSE TO NAMING THROSBY TO RUN INVESTMENT BANK

Alerts: HALISTER, HALISTER1
Source: BN (Bloomberg News)

Tickers
BARC LN (Barclays PLC)
JPM US (JPMorgan Chase & Co)

People
Tim Throsby (JPMorgan Chase & Co)

Topics
Who's News - People

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UUID: 7947283