Regulation Asia relies on a team of journalists, writers and editors to cover regulatory announcements across Asia Pacific. editorial@regulationasia.com
AML / KYC
OFAC Sanctions Adult Children of Myanmar Military Leader
11/03/2021
The two adult children of the commander-in-chief of Myanmar’s military, Min Aung Hlaing, and six of their companies, have been designated by OFAC.
AML / KYC
GLEIF to Accelerate the LEI Integration in Digital Certificates
11/03/2021
GLEIF will work with Certification Authorities and Trust Service Providers to develop and promote best practices for the use of LEIs in digital certificates.
Australia Announces Expansion of SME Loan Guarantee Scheme
11/03/2021
The government will guarantee up to 80 percent of the loans under the scheme, while also increasing the loan limit and allowing larger businesses to also benefit.
AML / KYC
Singapore Police Arrest Man Over China Official Impersonation Scam
11/03/2021
The man received over S$209,000 from a woman who was told she was under investigation and needed to resolve the case.
Enforcement
ACCC Accepts Visa Commitment to Address Competition Concerns
11/03/2021
Visa is legally bound to ensuring that merchants will not pay higher processing costs if they process debit card payments through eftpos rather than the Visa network.
AML / KYC
SWIFT Embeds ESG Due Diligence in KYC Registry
11/03/2021
The integration of the ICC’s Guidelines into SWIFT’s KYC Registry allows corporates to only complete and update a single form to provide ESG information to different banking partners.
Enforcement
ICAC Charges Former AIA Employees for Fraud
11/03/2021
A former district manager and former insurance agent jointly face three counts of fraud for allegedly deceiving AIA into paying them commissions for three insurance policies.
AML / KYC
FSC Korea Proposes New Penalty Standards for VASPs
11/03/2021
FIs and VASPs can be penalised for failing to report and maintain records of suspicious transactions, and failures to properly manage customers’ transactions records.
Securities / Derivatives
Chinese State-backed Funds Intervene to Calm Market
11/03/2021
The government reportedly blocked social media mentions of the stock market while local media outlets downplayed recent market turbulence.
Enforcement
APRA Accepts Court Enforceable Undertaking from Allianz
11/03/2021
Allianz Australia acknowledges previous risk and compliance weaknesses and emphasises its commitment to addressing these issues.
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