Enforcement

HK Police Arrest 12 Members of Ramp-And-Dump Syndicate

08/03/2021

The SFC has frozen securities accounts holding an estimated HK$860mn in ramp-and-dump proceeds, while the Police have seized an additional HK$89mn.

Market Infrastructure

HKEX Sets Launch Date for Phase Two VCM Enhancements

08/03/2021

The second phase enhancement will allow multiple triggers of the Volatility Control Mechanism per applicable security in the same trading session.

AML / KYC

FATF Publishes Guidance on Risk-based AML/CFT Supervision

08/03/2021

The guidance includes practical advice to address common challenges in risk-based supervision, including examples of strategies for supervising DNFBPs and VASPs.

BSP Relaxes Reporting Requirements for Financial Institutions

07/03/2021

The BSP is reducing reporting requirements related to the borrowings of directors, officers, stockholders and their related interests.

ASIC Attributes Higher Industry Levies to Royal Commission Work

07/03/2021

ASIC’s regulatory work related to the Royal Commission recommendations involves higher-cost activities such as enforcement, supervision and surveillance.

AML / KYC

GLEIF Sets Out Process for Validation Agent Trial Phase

07/03/2021

The goal of the Validation Agent role is to streamline the LEI issuance process by enabling FIs to directly liaise with LEI Issuers on clients’ behalf during onboarding.

AML / KYC

GFI Offers Recommendations on Advancing FinCEN Reforms

06/03/2021

Global Financial Integrity says money laundered from tax evasion and illicit funds entering the US financial system from overseas are estimated at $1tr.

Market Infrastructure

Japan Close to Decision on Lower Interbank Transfer Fees

06/03/2021

Interbank transfer fees have remained the same for over 40 years. A reduction in interbank EFT fees may be implemented as soon as October.

AML / KYC

SZSE Amends Bond Repo Rules to Enhance Security, Transparency

06/03/2021

The revised measures will require counterparties to display their identity information. Previously only the counterparty’s code was available for display.