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Westpac has revealed it will suffer a $1.4 billion hit to its first-half earnings.

In a statement, Australia’s second-largest bank said the bulk of these writedowns were related to the AUSTRAC money laundering scandal.

The bank estimated that it might receive a $900 million fine for failing to prevent up to 23 million breaches of money laundering laws via its Litepay system.

If that proves accurate, it will be less than the $1 billion penalty that many banking analysts had forecast.

Westpac’s system was also used by paedophiles to send money to the Philippines to pay for child abuse material without raising any red flags.

This scandal brought down Westpac’s leadership, forcing the resignation of chief executive Brian Hartzer and the early retirement of chairman Lindsay Maxsted.

Westpac said there was “considerable uncertainty” about what the Federal Court would decide.

There was also a chance the bank might agree on an “appropriate penalty” with the regulator AUSTRAC, which the court “would have regard to but [is] not be obliged to accept”.

“The actual penalty paid by Westpac following either a settlement and joint submission on a penalty, or a hearing, and in each case as determined by the [Federal] Court, may be materially higher or lower than the [$900m] provision,” the statement said.

Westpac announced it would also take a $130 million hit to its cash earnings from improving its compliance with financial crime legislation, “support[ing] industry initiatives to enhance financial crime monitoring” and “provid[ing] additional support and resources to organisations working to eradicate child exploitation”.

Its earnings will also be impacted by $260 million due to “customer remediation activities” and “litigation matters”.

Essentially, the bank will refund business customers who were lent money in breach of the National Consumer Credit Protection Act, or responsible lending laws.

• Anti-deception unit manages to intercept about 80 per cent of the involved funds before scammers can transfer it out of city bank accounts
• While the number of reported email cases for January and February does not vary greatly from 2019, the amounts involved have more than doubled

The US branch of a Japanese bank has been tricked into transferring HK$310 million (US$40 million) into five Hong Kong bank accounts – one of the city’s biggest email scams of the year.
A force insider said officers from the Anti-Deception Coordination Centre managed to intercept nearly HK$240 million of the money before it was transferred out of the scammer-controlled bank accounts, but the international fraudsters still managed to bag about HK$70 million.
The sting was one of 139 reported cases of commercial email fraud in the first two months of the year. The cases involved nearly HK$700 million, more than double the HK$288 million from January and February 2019’s 113 cases.
The Japanese case came to light in January, when the bank made a report to Hong Kong police.
Scammers impersonating one of the bank’s customers had made the money transfer requests, according to one police source.
“Bank staff realised it was a scam when they contacted the genuine client,” the source said. The anti-fraud officers were then tasked with tracking down the money.

按照《中国银保监会办公厅关于加强商业保理企业监督管理的通知》（银保监办发﹝2019﹞205号）要求，结合我省实际，陕西省地方金融监督管理局联合陕西省公安厅、陕西省市场监管局、中国人民银行西安分行以及中国银保监会陕西监管局五部门决定在陕西省开展商业保理企业清理规范工作。

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01

总体要求

紧紧围绕服务实体经济、防控金融风险、深化金融改革三项任务，参照国家发展改革委、商务部《市场准入负面清单（2019年版）》有关规定，通过清理规范工作，落实属地责任，实施分类处置，开展联合惩戒，推进日常监管，进一步规范商业保理企业经营行为，有效防范和化解风险隐患，促进商业保理行业规范健康发展。

02

清理规范对象和分类

（一）清理规范对象。

营业执照名称中含“保理”等字样的企业；营业执照名称不含“保理”等字样但经营范围含保理业务的企业，兼营保理业务的融资租赁企业除外。

（二）清理规范分类。

按照经营风险、违法违规情况划分为正常经营、非正常经营和违法违规经营等三类。（具体认定标准参照《公司法》《公司登记管理条例》《税收征收管理办法》《企业经营异常名单管理暂行办法》《严重违法失信企业名单管理暂行办法》等）。

1.正常经营类是指依法合规经营的企业。对于接受并配合监管、在注册地有经营场所且登录“商业保理信息管理系统”完整填报信息的企业，各地市金融监管部门要按照企业注册地审核以下材料：

a.营业执照；

b.公司章程；

c.股东名单；

d.高级管理人员名单和工作简历；

e.经审计的近两年财务会计报告（含附注）和年度经营情况简要说明；

f.法定其他资料。

2.非正常经营类是指包括但不限于“失联”“空壳”“僵尸”企业。

（1）“失联”企业是指满足以下条件之一的企业：

a.无法取得联系；

b.在企业登记住所实地排查无法找到；

c.虽然可以联系到企业工作人员，但其并不知情也不能联系到企业实际控制人；

d.连续3个月未按照监管要求报送月报。

（2）“空壳”企业是指满足以下条件之一的企业：

a.上一年度市场监管部门年度报告显示无经营；

b.近6个月监管月报显示无经营；

c.近6个月无纳税记录或“零申报”；

d.近6个月无社保缴纳记录。

（3）“僵尸”企业是指满足以下条件之一的企业：

a.公司成立后无正当理由超过六个月未开业的；

b.开业后自行停业连续6个月以上的。

3.违法违规经营类是指经营行为违反法律法规和银保监会相关规定的企业。包括但不限于基于不合法基础交易合同开展商业保理业务；未经批准未获得许可违规开展商业保理业务；直接或变相开展贷款或受托贷款、受托投资等业务；高利贷、现金贷、“套路贷”；直接或间接从事非法集资，通过债权（收益权）转让、资产证券化、定向委托投资等形式变相向社会公众募集资金；专门从事或受托开展催收业务、讨债业务。

03

重点工作任务及步骤

（一）全面清理规范，做好分类处置。

全面审核，截至2020年3月底。各地市金融监管部门要通过落实银保监办发（2019）205号文件及《陕西省地方金融监管局关于进一步加强商业保理企业监督管理的通知》（陕金发﹝2019﹞40号）各项监管指标和要求，在商业保理行业专项清理排查活动的基础上，根据市场监管、税务等部门提供企业相关信息，采取非现场核查和现场检查等措施，查阅和审核企业资料后将企业名单和佐证资料报送省地方金融监管局。“僵尸”企业由各地市金融监管部门会同市场监管部门依法吊销其营业执照。

(二)限期整改，截至2020年4月底。

非正常经营类和违法违规情节较轻的企业由各地市金融监管部门审核后进行公告（限期一个月整改），各地市金融监管部门要按照银保监会相关监管要求督促企业及时进行整改。

营业执照名称中含“保理”等字样的“失联”“空壳”企业，各地市金融监管部门要劝导其申请变更企业名称或自愿注销。

营业执照名称不含“保理”等字样但经营范围含保理业务的非融资租赁企业的“失联”“空壳”企业，各地市金融监管部门要劝导其申请变更企业业务范围或自愿注销。

（三）复核验收，截至2020年5月底。

各地市金融监管部门要加强部门相互之间协作，严格整改验收工作程序和要求，做好分类处置。经过整改验收合格的，可分别纳入监管名单报送省地方金融监管局。

非正常经营类企业拒绝整改或整改验收不合格的，各地市金融监管部门要依法采取分类处置措施。会同市场监管部门依法将其纳入异常经营名录或吊销营业执照；同时将营业执照名称中含“保理”等字样的“失联”“空壳”企业列入重点监管对象。

违法违规类企业整改验收不合格或违法违规情节严重的，各地市金融监管部门要报告省地方金融监管局进行依法处置或取缔；未经批准未获得许可违规开展商业保理业务的，会同相关部门依法查处；涉嫌从事非法集资的，由地方处非部门牵头开展处置工作；涉嫌违法犯罪的，及时移送公安机关依法查处。

（四）纳入监管名单。

正常经营类、非正常经营类验收合格和违法违规情节较轻且验收合格的企业纳入监管名单，由省地方金融监管局审核汇总报告银保监会审核后分批次进行公示。各地市金融监管部门要按照银保监办发﹝2019﹞205号文件和《陕西省地方金融监管局关于进一步加强商业保理企业监督管理的通知》（陕金发﹝2019﹞40号）相关监管要求进行日常监管，待商业保理企业监管办法出台后，非正常经营类和违法违规类监管名单内企业由市级金融监管部门初审后报省地方金融监管局审核，报经银保监会审核后纳入商业保理信息监管系统；对未能纳入监管名单的企业，各地市金融监管部门应建立重点监管对象名录库，加强跟踪管理，引导企业良性退出。

为推动我省典当行业健康发展，根据银保监会“管机构、管合规、管行为、管风险”的监管要求，决定对全省典当行业开展清理规范活动。

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01

清理整顿的目的

本次清理整顿的目的是打击非法经营，保护合法经营，规范典当行为，加强典当行业的监督管理，维护正常的典当行经营秩序，促进典当行业的健康发展，并对符合条件的典当行核发《典当经营许可证》。

02

清理整顿的范围

持有《典当经营许可证》的所有典当行。

03

清理整顿的内容

(一)典当行有下列情形之一的，应当责令其限期整改，并依照有关法律、法规予以处理：

1.擅自变更机构名称、法定代表人、住所、注册资本、股权结构，自行改变组织形式的；

2.经营非绝当物品销售以及旧物收购、寄售或者收当禁收物品的；

3.在当期内出租、质押、抵押和使用当物，违规处理绝当物品，以及强迫当户赎当的；

4.超出《典当管理办法》规定上限收取利息、费用以及预扣利息的；

5.规章制度不健全、内部管理混乱以及安全防范设施不合格、存在治安隐患的；

6.半年不能连续正常营业的；

7.抽逃注册资本、对外投资的；

8.出资人或从业人员不符合《典当管理办法》规定条件的。

对于问题严重及影响恶劣的典当行，应立即停业整顿。在规定期限内整改合格的予以保留，核发《典当经营许可证》。拒不整改或者整改后仍达不到《典当管理办法》要求的，予以撤销。

(二)有下列情形之一的，吊销其《典当经营许可证》：

1.虚假出资、骗取审批；

2.有严重违法经营行为(包括吸收存款或者变相吸收存款、非法集资、拆借资金、发放信用贷款、故意收当赃物)的；

3.自行停业连续达6个月以上的；

4.未经批准设立或变相设立的分支机构；

5.2018年度未能通过特业年审，被公安部门收回《特种行业许可证》的；

6.涉黑涉恶；

7.营业执照被工商行政管理机关吊销的。

04

时间安排和组织领导

本次清理整顿工作分为三个阶段，从2020年4月1日开始。第一阶段为调查摸底阶段，各地市组织力量对本辖区内持有《典当经营许可证》的所有典当行进行一次全面的摸底调查；第二阶段为集中清理整顿阶段；第三阶段为汇总上报阶段，各地市全面总结清理整顿工作情况，并于2020年9月31日前上报省地方金融监督管理局。其中，典当行数量较少或者工作进展较快的地市可以提前上报。

各地金融工作局（办）、咸阳市商务局、延安市商务局会同同级公安机关联合开展本次清理整顿工作，必要时可以成立典当行业清理整顿工作协调领导小组，有条件的可以邀请相关部门参加。各地应当把清理整顿典当行业作为整顿与规范市场经济秩序的一项重要工作抓紧抓好。

清理规范完成后，典当行持《典当行经营许可证》和公安部门申请核发的《特种行业许可证》方可参加2019年度年审工作。

China’s central bank may be re-pegging the yuan’s exchange rate against the US dollar to avert the threat of a financial crisis and create a sense of stability amid the huge economic and financial uncertainties resulting from the coronavirus pandemic, according to analysts.
While the central bank has never publicly admitted that it would peg the yuan to the US dollar, in the current economic and financial environment, Chen Yulu, a deputy governor at the PBOC, said late last month that the yuan would fluctuate around the level of 7 yuan “in the future”.
Such a move would mirror the strategy Beijing adopted a decade ago given heightened uncertainty in the aftermath of the global financial crisis. The People’s Bank of China (PBOC), the nation’s central bank, effectively held the US dollar-yuan exchange rate at 6.83 from late 2008 until June 2010.
Analysts said that Chen’s comments signalled Beijing’s reluctance to weaken the yuan substantially despite economic challenges, and pointed to the central bank considering the adoption of a de facto peg in the yuan exchange rate.
“PBOC leaders have hinted they may be targeting seven,” said Cliff Tan, East Asian head of global markets research at MUFG Bank. “Although we are not sure how a stronger currency helps in a post-Covid-19 adjustment”.
Analysts said the phase one trade deal signed with the United States in January also included an exchange rate provision that prohibits competitive currency depreciation.

“Since the environment has turned into quite an emergency now, [the PBOC] is using moral suasion to boost confidence and anchor expectations for the currency,” said DBS Bank economist Nathan Chow. “There can be no sharp and rapid depreciation in the yuan now since that would make matters worse.
“Once you start pegging the currency, fund managers and traders will continue to speculate when you will do it again the next time. This would reverse previous reforms to make the yuan [exchange rate] more market driven.”
The yuan plummetted to 7.16 against the US dollar in mid-March, its weakest level in five months, amid a crash in global stock markets as investors scrambled for the perceived safety of US dollar assets. But the Chinese currency has stabilised in the past week or so and traded at 7.07 on Thursday.

Myanmar has granted operating licences to seven Asian banks, bringing to 20 the number of foreign banks allowed to do business in the previously isolated market.

Bank of China (Hong Kong), Taiwan’s Cathay United Bank and Mega International Commercial Bank, Industrial Bank of Korea, Seoul-based KB Koomin Bank, Korea Development Bank and Siam Commercial Bank of Thailand were granted preliminary licences, the central bank’s licensing committee said in a statement on Friday (April 9).

The approval gives the lenders nine months to demonstrate they can fulfill business plans laid out in their application to the authorities before they will be given proper licences, the statement said.

This licensing round was opened last November with hopes of drawing foreign investments at a time the government was under pressure to speed up economic reforms before the parliamentary elections expected later this year.

A branch licence allows a range of wholesale banking activities, while a subsidiary licence allows both wholesale and, from January 2021, onshore retail banking services. A branch licence and subsidiary licence require a minimum paid-in capital of US$75 million and $100 million respectively.

The Myanmar Times understands that more than 10 foreign banks, including Taiwan’s First Commercial Bank and China Trust Banking Corp, Korea’s KEB Hana, Kasikorn Bank and Krungthai Bank of Thailand, and Commercial Bank of Ceylon, had been considering applying for preliminary licences. The central bank did not say how many had submitted applications.

The seven licences were the first granted since Daw Aung San Suu Kyi’s National League for Democracy party formed a government in 2016.

There were two licensing rounds under U Thein Sein’s government. The first in 2014 saw nine banks awarded, and the 2016 round granted licences to four Asian banks.

In total, there are 13 non-Myanmar lenders currently allowed to operate in a limited capacity. Another 51 banks and finance companies have representative offices, while there are 27 local banks. Banking services are still severely limited in the country and are dominated by financial institutions with ties to the former military regime.

The uncertainty around the global coronavirus pandemic’s duration and severity creates “major downside risks” to the US economy, the Federal Reserve said Wednesday.

The United States is sure to take a hit in the near term as businesses are forced to close and consumers are confined to their homes, the Fed said in the minutes of the March 15 emergency policy meeting, when the central bank slashed the benchmark interest rate to zero.

But while the shutdowns imposed to contain the virus create hardship for businesses and households, they should not have the lasting impact that was seen in the wake of the global financial crisis in 2008, Fed officials said.

Though central bankers worried that the containment efforts would spread to other areas of the country and have a ripple effect on the economy, the meeting was held before the most stringent lockdowns were imposed in most states.

In the final two weeks of March, nearly 10 million people filed for unemployment benefits, and economists expect the jobless rate to hit double digits this month.

But at the time of that emergency meeting – the second unscheduled meeting last month, which was held on a Sunday – officials said, “The unpredictable effects of the coronavirus outbreak were a source of major downside risks to the economic outlook.”

When growth will resume depends “on the containment measures put in place, as well as the success of those measures, and on the responses of other policies, including fiscal policy.”

Since then, Congress has approved three support packages, including a massive US$2.2 trillion rescue measure that puts money into unemployment insurance and emergency lending for small businesses to pay workers.

Despite the severity of the current crisis, members of the Fed’s policy-setting Federal Open Market Committee said the US economy and banking system were on solid footing.

Some officials viewed the pandemic as “not directly comparable with the previous decade’s financial crisis and it need not be followed by negative effects on economic activity as long-lasting as those associated with that crisis.”

Some committee members were reluctant to cut the interest rate by a full point less than two weeks after lowering it a half point, concerned in part about the negative signal that would send about the economic outlook.

But the majority favored a “forceful” response, including the measures the Fed has taken to pump huge amounts of liquidity into the US financial system, to help support businesses facing cash shortages.

They worried about low-income households with “less of a savings buffer” making them “more vulnerable to a downturn in the economy.”

As stay-at-home orders to battle the coronavirus are effective in most states, the virus-related restrictions have already shed 29 percent of US daily output, Moody’s Analytics warns as cited by the Wall Street Journal.

The full scale of economic disaster stemming from almost countrywide closures of businesses in various industries — from entertainment to retail — will not be seen for years. However, the first estimates have already started to emerge, and the picture is quite gloomy. 

According to Moody’s study, which was carried when 41 states shut down non-essential businesses, California alone lost $2.8 billion a day, equivalent of more than 31.5 percent of the state’s daily gross domestic product (GDP).

The drop of output in 15 other states, responsible for almost 70 percent of all the US daily GDP, is $12.5 billion, while 30 other states together with Washington DC are losing a total of $4.9 billion of GDP per day.

The economic fallout (in terms of output drop) of the coronavirus crisis has already turned worse that the consequences of the 9/11 terrorist attacks, according to the agency’s data. As the result of three weeks of government-imposed closures, US output tumbled by around $350 billion, while the attacks had cut it by an estimated $111 billion in current dollars.

MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial” or “MVB”) and its wholly-owned subsidiary MVB Bank, Inc. (“MVB Bank”) announced that MVB Bank has purchased the deposits and certain assets of The First State Bank (“First State”) through an agreement with the Federal Deposit Insurance Corporation (FDIC). The West Virginia Department of Financial Institutions declared First State insolvent today and appointed the FDIC as receiver. The purchase by MVB Bank is effective immediately. As of December 31, 2019, First State had approximately $139.5 million in total deposits.

“We are pleased to welcome the clients of First State to the MVB family and want to assure them that their deposits are safe, secure and readily accessible. It will be business as usual on Saturday at all of the former First State banking centers and drive-thru locations as First State becomes a part of MVB Bank,” said Larry F. Mazza, President and CEO, MVB Financial. “As a trusted partner on the financial frontier, we are committed to the success of the clients and communities we serve.”

All deposits are being assumed by MVB Bank resulting in no losses to any depositor. Client deposits will continue to be insured by the FDIC up to applicable limits, and clients do not need to take any immediate action to maintain that insurance coverage. Over the weekend, First State clients will be able to access their money by writing checks, accessing online banking or using an ATM or their debit card. Banking centers will operate under normal business hours on Saturday. To protect the health and safety of Team Members and clients during the ongoing COVID-19 situation, banking center lobbies will be open by appointment only.

“MVB Bank’s strong financial position has enabled us to complete this strategic purchase. Our solid performance validates our focus on asset quality, liquidity and strong capitalization,” Mazza said. “This acquisition aligns with MVB’s strategy for growth in our core commercial markets in West Virginia and Northern Virginia, which also powers our expanding Fintech vertical.”

Clients of First State with questions about the transaction may call the FDIC directly at 1-800-517-1839.

About MVB Financial Corp.

MVB Financial Corp. (“MVB Financial” or “MVB”), the holding company of MVB Bank, Inc., is publicly traded on The Nasdaq Capital Market® under the ticker “MVBF.” Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its subsidiary, MVB Bank, Inc., and the Bank’s subsidiaries, MVB Mortgage, MVB Community Development Corporation and Chartwell Compliance, the company provides financial services to individuals and corporate clients in the Mid-Atlantic region and beyond. For more information about MVB, please visit http://ir.mvbbanking.com.

Forward-looking Statements

MVB Financial Corp. (the “Company”) has made forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in this Press Release. These forward-looking statements are based on current expectations about the future and subject to risks and uncertainties. Forward-looking statements include, without limitation, information concerning possible or assumed future results of operations of the Company and its subsidiaries. When words such as “plans,” “believes,” “expects,” “anticipates,” “continues,” “may” or similar expressions occur in this Press Release, the Company is making forward-looking statements. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in the forward-looking statements contained in this Press Release. Those factors include but are not limited to: credit risk; changes in market interest rates; inability to achieve anticipated synergies; ability to successfully integrate recent mergers and acquisitions, including First State; competition; length and severity of the recent COVID-19 (coronavirus) outbreak and its impact on the Company’s business and financial condition; economic downturn or recession; and government regulation and supervision. Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as well as its other filings with the SEC, which are available on the SEC website at www.sec.gov. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements.

After posting better-than-expected results for 2019, Chinese banks face the prospect of worsening asset quality and pressure on profits this year, as the coronavirus pandemic takes a toll on the global economy, bankers and analysts said.
With the pandemic now having spread to more than 200 countries and claiming more than 52,000 lives, bankers said they expected a bigger impact on China’s economy. Since the country plays an outsize role in the global supply chain, its banks are likely to take a hit should the global economy contract this year, which seems like a real possibility, they said.
“If the global coronavirus is not contained by the third quarter, this will have a great impact on the Chinese economy [and] on Chinese banks,” Zhang Gengsheng, executive vice-president of China Construction Bank (CCB), said during a teleconference held this week to discuss the bank’s annual results.
The deadly virus, which causes the Covid-19 respiratory disease, brought most of China’s economy to a halt in late January and February after authorities took measures to contain the outbreak. This has already translated into more overdue loans and a drop in growth in new customers, especially for banks’ credit card and retail loan businesses, bank officials said.
“We saw a pickup in overdue loans, primarily in the credit card and personal loans segments, in January and February,” Jin Yanmin, CCB’s chief risk officer, said. “Overall, for the full year, we expect non-performing loan [NPL] ratios for our micro-small business loans segment to steadily tick up.” He, however, added that overall asset quality was improving.
Both CCB and the Industrial and Commercial Bank of China, the largest lender globally by assets, said about 5 per cent of their small and medium-size business borrowers had requested an extension of loan repayments. Last month, regulators announced special measures allowing borrowers affected by the outbreak to extend their loan repayments up to the end of June.
The 10 major Chinese banks covered by brokerage CMB International Securities have reported, on average, an 8.6 per cent year-on-year net profit growth for 2019, compared with 6.1 per cent in 2018. These include the six major state-owned lenders, such as CCB, Agricultural Bank of China and Bank of China, and joint-stock banks such as China Merchants Bank and Ping An Bank.
NPL ratios were largely stable at the state-owned banks, at around 1.4 per cent. But CMB International Securities analyst Terry Sun expected NPL pressure to worsen during the second quarter and second half of this year.
“Companies’ existing orders and cash-on-hand will still be able to support their loan repayment in the first quarter, but lack of demand [for their products] and break of the supply chain will amplify the impact in the second and third quarters, even as companies increasingly resume work,” Sun said.
Net interest margin (NIM), a gauge of bank profitability, was largely stable for most banks during the fourth quarter of 2019, Morgan Stanley analysts including Richard Xu and John Cai said in a note.
“However, most banks expect more NIM pressure in 2020, citing existing loans pricing conversion (to loan prime rate) amid challenging domestic and global macro environments, and resilient deposit costs,” they said.