Market Infrastructure

LCH Sets Dates for Conversion of SwapClear LIBOR Contracts

21/03/2021

Conversion of CHF, EUR and JPY LIBOR shall apply to SwapClear contracts outstanding on 3 December. Conversion of GBP LIBOR will apply to contracts outstanding on 17 December.

AML / KYC

FATF Seeks Stakeholder Views on Updated VASP Guidance

21/03/2021

Views are sought from academics, policy bodies, VASPs, technology developers and providers, other regulated entities such as banks, and authorities.

AML / KYC

AUSTRAC Questioned on Handling of Drug Money Case

21/03/2021

AUSTRAC reportedly said it has not taken action against the banks involved because they did not have reason to be suspicious of the transactions and they aided the investigation.

Fintech / Regtech

HKMA Outlines Regtech Use Cases for Treasury Operations

21/03/2021

The use cases presented include solutions to detect rogue trading activities, standardise derivatives trading lifecycle events, and enhance liquidity risk monitoring.

Enforcement

CBIRC Fines Sichuan Trust Over Illegal Loans, Other Violations

21/03/2021

The CBIRC listed 13 violations for the CNY 34.9 billion fine. A team of officials already took control of Sichuan Trust in December following its failure to repay investors.

Securities / Derivatives

Malaysia Grants Fee Waivers, Rebates on Listing Related Fees

21/03/2021

Processing fees, prospectus registration fees, initial fees and annual listing fees will be provided to companies seeking a listing, while companies already listed can receive rebates.

AML / KYC

China: 13 Arrested for Using Crypto to Launder Fraud Proceeds

21/03/2021

The suspects confessed to laundering proceeds from telecoms fraud using Tether, before withdrawing the funds to transfer overseas.

Enforcement

ASIC Bans Director, Account Managers at FX Broker

21/03/2021

Clients were pressured to deposit funds into their trading accounts, engage in high-risk trading, and delay or cancel withdrawal requests.

AML / KYC

FCA Files Criminal Proceedings Against NatWest for AML Failures

19/03/2021

NatWest is facing criminal charges for not adequately monitoring and scrutinising large payments into a corporate client’s accounts.