Enforcement

Korea Passes Bill Strengthening Penalties for Insurance Fraud

01/02/2024

The amendments allow jail and fines for arrangements, inducements, recommendations, or advertising that leads to insurance fraud.

Crypto / Digital Assets

Crypto Lender Celsius Network Emerges from Bankruptcy

31/01/2024

Celsius, which filed for bankruptcy in July 2022, has commenced distributions of over $3bn of crypto and fiat to creditors.

Crypto / Digital Assets

UAE Completes First Cross-border Payment Using CBDC

31/01/2024

The transaction was sent to China through the “mBridge” platform, developed by the BIS Innovation Hub, HKMA, CBUAE, BOT, and PBOC.

Enforcement

NYAG Sues Citi for Failing to Protect Customers from Fraud

31/01/2024

NYAG says Citi does not implement strong anti-fraud defences, misleads account holders about their rights, and illegally refuses to reimburse fraud victims.

Sanctions

OFAC Sanctions Egypt, Turkey Nationals for Supporting ISIS

31/01/2024

Two Egyptian nationals created an online platform that provided instructions on donating funds to ISIS-affiliated entities.

Capital / Liquidity

Bank of China to Issue First Non-Capital TLAC Bonds

31/01/2024

Bank of China is the first Chinese D-SIB to disclose its intention to issue non-capital TLAC bonds ahead of a 2025 deadline to meet new capital rules.

Crypto / Digital Assets

BOJ to Catalogue Legal Issues for CBDC by April

31/01/2024

BOJ and Ministry of Finance officials held a meeting to discuss the legal issues that need to be resolved for the issuance of a CBDC.

Securities / Derivatives

Taiwan to Further Shorten Auction Interval for Odd Lot Trading

31/01/2024

The quotation interval was reduced from ten to five seconds in November 2023. The auction interval will now be reduced from one minute to five seconds.

Market Infrastructure

WFE Announces 2024 Priorities For Exchange and Clearing Industry

31/01/2024

The WFE will focus on corporate governance, reinforcing CCPs, ESG issues, and new tech like crypto and AI.