Anti-Money Laundering

FATF Details Virtual Asset Red Flags for Detecting Criminal Activity

15/09/2020

This report will help VASPs, FIs, DNFBPs, and other reporting entities detect and report suspicious transactions, and national authorities detect criminal activity.

Capital Adequacy

PBOC Publishes Final Rules for Financial Holding Companies

14/09/2020

Existing groups that meet the requirements have 12 months to apply to the PBOC for establishment and licensing, with at least CNY 5 billion in registered capital.

Conduct, Culture & Accountability

Japan: Nomura Employee Leaks Client Information to Securities Firm

14/09/2020

Nomura has apologised for the incident and pledged to strengthen its management of customer information. It will also consider taking legal action against the offending staffer.

Market Risk

HKMA Published Revised SPM on Non-Cleared OTC Derivatives

14/09/2020

Banks currently in scope of the margin requirements and risk mitigation standards have until 1 September 2021 to comply wth the revised supervisory policy manual.

Supervision & Enforcement

ASIC Power to Obtain Documents Upheld in Federal Court

14/09/2020

Two separate rulings against Maxi EFX and IOOF-owned RI Advice clarify obligations for those who receive ASIC notices requiring them to produce documents.

Conduct, Culture & Accountability

RBI Sets Out Guidelines on Bank Compliance Function

13/09/2020

The guidelines are aimed at ensuring a uniform approach with regard to compliance and risk management culture across the banking industry.

Fraud, Scams & Cybercrime

Federal Court Imposes A$57.5m Penalty Against NAB Units

13/09/2020

NULIS Nominees and MLC Nominees admitted to misleading or deceptive conduct, false or misleading representations, and breaches of the ASIC Act and Corporations Act.

Reporting & Disclosures

Standard-setters Kick Off Initiative to Harmonise Sustainability Reporting

13/09/2020

The IFRS Foundation is proposed as the body that is “optimally positioned” to lead and coordinate the creation of a new sustainability standards board.

Structural Regulation

Changes to Hong Kong OFC Regime Take Effect Immediately

13/09/2020

Private OFCs are no longer subject to investment restrictions and securities brokers are now eligible to be OFC custodians, among other changes.