AML / KYC

Canada’s FINTRAC Fines RBC for STR Filing Failures

06/12/2023

RBC failed to submit STRs in some cases, submitted some STRs incorrectly, and did not keep written policies and procedures up-to-date.

Securities / Derivatives

Japan Brokers Face Fresh Credit Suisse related Lawsuits

06/12/2023

SBI Securities, Rakuten Securities and Monex Securities are accused of not fully explaining the characteristics and risks of Credit Suisse’s ATI debt.

Market Infrastructure

PBOC Issues New Rules for Bond Valuation Agencies

06/12/2023

The rules will improve transparency over the selection and use of data sources, valuation methodologies, and conflicts of interest

AML / KYC

KoFIU, DAXA Target Unlicensed Crypto Firms With New Initiative

06/12/2023

The public can report unlicensed crypto exchanges to DAXA, which will review the reports and then pass them to KoFIU for further action.

ESG / Sustainability

Export Credit Agencies Team Up to Decarbonise Global Trade

06/12/2023

The export credit agencies commit to ending new direct support for the fossil fuel energy sector by the end of 2024.

ESG / Sustainability

MAS Establishes Energy Transition Acceleration Finance Partnership

06/12/2023

The new ‘energy transition acceleration finance partnership’ will help to mobilise capital to finance energy transition projects in Asia.

Fintech / Regtech

Singapore Launches New National AI Strategy

06/12/2023

Singapore will collaborate with industry AI product development teams, create focused AI training programmes, and accept AI talent from around the world.

Securities / Derivatives

Korean Law Firms File Complaint Against HSBC, BNP Paribas – Report

06/12/2023

The complaint calls on Seoul prosecutors to swiftly investigate the banks’ short-selling practices in cooperation with the FSS and Hong Kong authorities.

AML / KYC

Banque Pictet to Pay $123m to Settle US Tax Evasion Case

06/12/2023

Banque Pictet helped US taxpayers to use coded accounts, foreign trusts and entities, nominee beneficiaries and other “deceits” to conceal their income and assets abroad.