Anti-Money Laundering

European Commission Sets Out Action Plan to Root Out AML Loopholes

10/05/2020

A single EU rulebook will minimise interpretation and implementation discrepancies across member states, and an EU-level AML/CFT body will address supervisory gaps.

Structural Regulation

ESMA Approves Four Trade Repositories for SFTR Reporting

10/05/2020

DTCC, UnaVista, KDPW and REGIS-TR will have their TR registrations for derivatives contracts under EMIR extended to include securities financing transactions under SFTR.

Resolution & Recovery

Korea: KDB Can Intervene in Bailed-out Companies to Prevent Value Loss

10/05/2020

Under the latest revisions, Korea Development Bank may exercise its voting rights in bailed-out companies for decisions that may impact shareholder value or when restructuring is required.

Fraud, Scams & Cybercrime

Singapore Police Raid ZenRock Following HSBC Allegations of Fraud

10/05/2020

Singapore’s High Court has reportedly appointed KPMG executives as interim judicial managers to oversee a transition to new management at ZenRock Commodities, an oil trading firm.

Supervision & Enforcement

PBOC Issues Record Penalty Against Payments Firm

09/05/2020

Allscore Payment Service was also found to have providing services for illegal gambling websites, embezzled customer funds and misappropriated reserve funds.

Trading & Investment

India: Gift City Exchanges Launch First Rupee Derivatives

09/05/2020

Rupee futures and options will offer overseas market participants new onshore tools to hedge their India exposures, reducing their reliance on offshore currency markets.

Credit Risk

SEBI Defends Rules Limiting Mutual Fund Investment in Unlisted Debt

09/05/2020

SEBI was responding to recent comments by Franklin Templeton’s president, which appeared to in part blame the rules for the closure of six India funds.

Structural Regulation

Australia Defers All Royal Commission Commitments by Six Months

09/05/2020

In line with the Treasury’s announcement, ASIC has deferred mortgage broker reforms and the introduction of product design and distribution obligations.

Fraud, Scams & Cybercrime

MAS Issues Prohibition Orders Against Two Former Bank Employees

09/05/2020

A former Barclays was deceived the bank into paying $10mn from client accounts to settle his personal debts. A further $10mn in Barclays losses came from unauthorised trading.