AML / KYC

BSP Directs Banks to Prioritise PhilID in Customer KYC, Verification

15/03/2024

The BSP has identified the national ID, which is part of PhilSys, as a driver of financial inclusion in the Philippines.

Enforcement

US Regulators Announce $350m Penalty for JPMorgan

15/03/2024

The action, taken to address trade surveillance deficiencies, requires the bank to seek regulatory approval to onboard any new trading venue.

Market Infrastructure

Australia: More Guidance Issued to Support FAR Implementation

15/03/2024

On top of guidance for banks, APRA and ASIC issued a consultation on FAR implementation for insurance and superannuation entities.

Enforcement

Australian Court Rules Against ASIC in ‘Finder Earn’ Crypto Case

15/03/2024

The court ruled against ASIC’s contention that the crypto investment product known as ‘Finder Earn’ was a debenture and therefore required authorisation.

Korea: Woori Achieves Full Privatisation 26 Years After Bailout

15/03/2024

Woori Financial Group, born through a merger of banks in the aftermath of the Asian financial crisis in 2018, is now fully privatised.

Enforcement

OFAC Penalises Swiss Bank for Apparent Sanctions Violations

15/03/2024

OFAC said EFG International caused US firms to process 873 securities-related transactions on behalf of sanctioned individuals.

Fintech / Regtech

PBOC Releases Payment Services Guide for Foreign Visitors

14/03/2024

The guide introduces and provides instructions on a variety of payment methods available to foreigners in China.

Capital / Liquidity

ECB Announces Changes to Operational Framework

14/03/2024

The ECB will shrink its balance sheet, purge the system of excess liquidity, and incentivise banks to lend to each other.

Crypto / Digital Assets

Thai SEC to Allow Private Funds to Invest in Spot Crypto ETFs

14/03/2024

SEC Secretary General Pornanong Budsaratragoon said the funds can only be offered to institutional investors and ultra-high-net-worth investors.