Sanctions

EU Issues New Guidance on Preventing Sanctions Circumvention

11/09/2023

If sanctioned items are exported to third countries and then re-exported to Russia, the underlying due diligence inadequacies will be considered sanctions law violations.

NAFMII Issues Directions on Quotation Practices of Currency Brokers

11/09/2023

The notice seeks to standardise currency broker quotations and refine data presentation methods within the interbank market.

Fintech / Regtech

HKMA, PBOC Enter Next Phase of e-CNY Technical Testing

11/09/2023

Hong Kong is expanding its technical testing to include more banks and testing the digital yuan wallet’s top-up function through FPS.

Capital / Liquidity

China Eases Stock Market Investment Rules for Insurers

11/09/2023

The rule changes are aimed at guiding insurers to support the development of the capital market as well as technology innovation.

Sanctions

HSBC to Halt Russia, Belarus Payments for Corporate Clients – Reports

11/09/2023

HSBC reportedly told customers that the sanctions and trade restrictions imposed on Russia and Belarus have made it “increasingly challenging” to operate.

Capital / Liquidity

RBI Announces Decision to Discontinue I-CRR Requirement

11/09/2023

25% of the I-CRR was released on Saturday. Another 25 percent will be released on 23 September. The remaining 50 percent will be released on 7 October.

Enforcement

CFTC Penalises Three DeFi Operators for Offering Services Illegally

11/09/2023

Commissioner Summer Mersinger dissented with the orders saying the CFTC should instead be engaging with the public on these matters.

AML / KYC

FinCEN Issues Alert on “Pig Butchering” Scams

11/09/2023

FinCEN provides red flags to help in the identification of pig butchering activity so that FIs can report this activity and enable law enforcement to track down the perpetrators.

Crypto / Digital Assets

Hong Kong SFC Approves City’s First Real Estate STO

11/09/2023

Tykhe Capital Group will launch “Prince Token”, available only to professional investors. Subject to regulatory approval, the token will list on HKbitEX.