Archive
International News Services archives articles supplied to clients one year or more after initial publication. These articles are protected by a password and not made available to readers without permission from clients. They are used as a background resource by agency journalists. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.
TAIWAN FINES CITIBANK, DBS FOR AML VIOLATIONS
Taiwan’s Financial Supervisory Commission (FSC) has imposed fines of Taiwan new dollars TWD10 million (USD357,385) on Citibank Taiwan Ltd and TWD6 million (USD214,342) on DBS Bank (Taiwan) Ltd for violations of anti-money laundering (AML) regulations.
According to a May 13 announcement from the FSC, which was sent to MLB, both banks breached Taiwan’s Banking Act (Article 129, paragraph 7), (1) which stipulates penalties for: “failure to establish or diligently conduct the internal control and audit systems, internal processing system and procedures, and internal operation system and procedures”.…
VENDORS OFFER TECHNICAL SOLUTIONS TO DATA ANALYSIS DEMANDS OF KYCC
Obliged entities following the risk-based approach of calibrating AML/CFT controls lodging suspicious transaction reports must rely on solid knowledge about their customers and partners. But to be comprehensive in assessing risk, obliged entities must know something about their customers’ customers.
That is the underpinning of ‘know your customers’ customers’ (KYCC) systems that are increasingly being touted by vendors.…
ROBOTICS POSE TOUGH CHOICES FOR TEXTILE SECTOR BUT ALSO OFFER MAJOR PRODUCTIVITY DIVIDENDS
INTRODUCTION
ROBOTICS are not new to the textile and clothing sector, and have driven productivity improvements for more than a decade. But these technologies are becoming increasingly more adaptable and more autonomous, offering the many stages in the textile and clothing and distribution chain the potential to increase margin.…
TOBACCO INDUSTRY UNDER GROWING REGULATORY PRESSURE TO REDUCE FILTER LITTER
New regulatory plastic waste obligations coming into force in July (this year) will force tobacco producers selling into the European Union’s (EU) 447-million-person market to take measures to reduce butt littering. The move, part of the EU’s Single Use Plastics Directive (SUPD) (Directive (EU) 2019/904), are designed to reduce the 4.5 trillion cigarette butts that end up as litter annually worldwide (according to the UN), generating 845,000 tonnes of waste, according to a New York (USA) state document.…
THE NEW TEXTILE FACTORIES TO BOOST VALUE-ADDED APPAREL EXPORTS IN BANGLADESH
The Bangladesh clothing industry is looking forward to the completion of five state-of-the-art textile factories at the Korean Export Zone (KEPZ) with combined floor space of 2 million square feet as an important expansion of local backward linkages. The factories, three of which are under construction, and two (producing polyester yarn and fabrics) are already open, will produce manmade fibre (MMF) yarn and finished garments, at the KEPZ, located in the south-eastern port of Chattogram.…
MEXICO CLOTHING INDUSTRY TO IMPROVE AMERICAN TRADE RELATIONS UNDER BIDEN ADMINISTRATION
With President Joe Biden assuming office in the United States, the Mexican clothing and textile industry is hoping improved trading relations, building on the legacy left by former President Donald Trump that it regards largely positively.
The Mexican Apparel Association (CANAIVE – Cámara Nacional de la Industria del Vestido) was particularly happy with the renegotiation of the North American Free Trade Agreement (NAFTA), now called the US-Mexico-Canada Agreement: “USMCA opened new opportunities for our industry while seeking to obtain a more solid regional integration,” said CANAIVE, in a note to just-style.…
INDIA LABOUR CODE REFORMS HAVE BEEN DELAYED FOR SIX MONTHS – BUT ARE STILL ON TRACK FOR DELIVERY
Indian labour law reforms that had been scheduled for implementation in April, have been delayed and according to several experts, they are not now expected to be enforced before October.
“There was no official communication for a long time and therefore it looked like as if the codes were dead,” Saurabh Munjal, legal advisor to Apparel Export Promotion Council told just-style, “but last week the government has come out with two new notifications, which means that they are still working on it.”…
INDIA’S CLOTHING INDUSTRY ON THE RACK THROUGH CONTINUED COVID-19 SURGE
The ability of India’s clothing industry to serve overseas buyers has been devastated by the country’s ongoing second Covid-19 wave, with a collapse in domestic orders, labour fleeing urban areas and disrupted upstream supplies slashing industry capacity.
Indeed, according to a survey by Clothing Manufacturers Association of India (CMAI) released on May 7, industry-wide production has fallen to a quarter of normal levels: “Uncertainty is looming large,” said the association, which passed the survey results to just-style.…
CHINESE COTTON STANDARD PUSHED TO BUILD SUPPORT FOR XINJIANG FIBRE SUPPLIES
As the world looks upon China’s oppression of the Uyghurs in Xinjiang, clothing companies have been stepping carefully around calls for brands to refuse to handle fabric that includes Xinjiang cotton.
Xinjiang grows 87% of Chinese cotton crop, with 5.16 million tonnes produced in 2020.…
CLOTHING AND TEXTILE FIRMS STRUGGLE TO COMPETE FOR ADVANCED DIGITAL SKILLS
New technologies such as artificial intelligence (AI) and blockchain promise to make the clothing and textiles industry more productive and efficient. But European textiles leaders say they are struggling to hire young workers with the skills to implement new production technologies because they face stiff competition from other manufacturing sectors, such as the car industry. …