Fintech / Regtech

BIS to Develop AI Solution for Assessing Cyber Resilience

02/05/2024

The solution will be able to collect and analyse data to assess the cyber security and resilience maturity of a country’s financial sector.

Sanctions

US Sanctions Over 280 Targets for Supporting Russia

01/05/2024

The targets include companies in Azerbaijan, Belgium, China, Hong Kong, Russia, Slovakia, Turkey, the UAE, and Russia.

Capital / Liquidity

PBOC Directs Banks to Cut Exposures to Long Duration Bonds

01/05/2024

The PBOC sees a mismatch between market prices and the economic outlook, and is trying to prevent further downward pressure on the yuan.

Revised State Secrets Law Takes Effect in China

01/05/2024

The amendments widened the scope of restricted sensitive information to “work secrets” and information that “will cause certain adverse effects if leaked”.

AML / KYC

US Court Sentences Binance Founder to Four Months Jail

01/05/2024

The sentence was below the three years requested by prosecutors and the 18 month maximum recommended under federal guidelines.

Capital / Liquidity

BCBS Proposes Counterparty Credit Risk Management Guidelines

01/05/2024

The guidelines seek to address weaknesses in CCR management, as demonstrated in the Archegos failure and other recent episodes of NBFI distress.

Korea FSS Issues “Model” Standards for Credit Finance Companies

01/05/2024

The standards call for better management of executives and employees to prevent money laundering, conflicts of interest, and misuse or embezzlement of loan funds.

Crypto / Digital Assets

Russia to Tighten Regulations for Crypto Mining Operations

01/05/2024

Earlier it was reported that Russia was planning to ban private cryptocurrencies outright, but a lawmaker has dispelled this notion.

Capital / Liquidity

Hong Kong IA Finalises Rules for Risk-based Capital Regime

01/05/2024

The finalised rules will be tabled in LegCo for negative vetting in May. The transitional measures relating to regulatory returns are extended from 2 to 3 years.