Credit Risk

China Tightens Risk Classification Rules for Banks’ Financial Assets

13/02/2023

Banks must classify “all financial assets that bear credit risk” according to the degree of risk, including bond investments, interbank assets, receivables, and off-balance-sheet assets.

Stablecoins

UPDATED: NYDFS, SEC Scrutinise Paxos Over BUSD Stablecoin

13/02/2023

Paxos is the issuer of a Binance-branded stablecoin that ranks as the third-largest, as well as its own stablecoin called Pax Dollar, the sixth largest.

KYC & CDD

Wolfsberg Group Updates CBDDQ, FCCQ, and Related Documents

13/02/2023

The CBDDQ updates include a new section on fraud and additional questions related to whistleblower policy, virtual bank licence, the approval of sanctions policy, and other changes.

PEPs & Sanctions

South Korea Issues First Independent DPRK Sanctions

12/02/2023

The sanctions came hours after South Korea and the US released a joint cybersecurity advisory detailing the threat posed by North Korean ransomware actors.

Anti-Money Laundering

BIS Innovation Hub to Study Use of Data Technologies for AML

12/02/2023

Project Aurora will study privacy-enhancing technologies, machine learning methods, network analysis, the use of additional data sources, and “machine-readable typologies”.

Fraud, Scams & Cybercrime

US, UK Jointly Sanction Russian Ransomware Actors

12/02/2023

The first-of-its-kind joint action marks the first time suspected ransomware operators have been designated under the UK sanctions regime.

Structural Regulation

Vietnam Considers Higher Foreign Ownership Limits at Banks

12/02/2023

A higher foreign ownership limit of 49 percent is being considered for banks that participate in restructuring weak credit institutions.

Trading & Investment

Bursa Malaysia Updates SBL Framework for Islamic Securities

12/02/2023

A new remedial option allows users to recall or acquire back securities if their status changes to Shariah non-compliant.

Structural Regulation

PBOC Issues New Rules for FHCs on Related-Party Transactions

12/02/2023

Financial holding companies have to set upper limits for related-party transactions and establish systems for their management, reporting and disclosure.