Market Infrastructure

FMA Review Finds NZX Technology Capability Lacking

28/01/2021

NZX is required to develop a detailed, time-bound action plan to address the technology issues identified in a review conducted by the FMA.

Enforcement

HKMA Suspends Banker Over Photocopied Client Signature

28/01/2021

The banker photocopied a client’s signature onto an instruction form and used it to apply for the issuance of a bank reference letter.

AML / KYC

AUSTRAC Consults on AML/CTF Rules for Phase 1.5 Reforms

28/01/2021

The amendments will update rules on correspondent banking and customer due diligence to reflect legislative changes passed in December.

HK Regulators Ask Bankers to Explain Reasons for Departing City

27/01/2021

Executives who have relocated to Singapore or Tokyo have reportedly received phone calls from Hong Kong government agencies and regulators seeking explanations for the decisions.

Fintech / Regtech

PBOC Tightens Rules on Managing Customer Funds for Payment Firms

27/01/2021

Customer reserve funds must be deposited either at the PBOC or with an eligible commercial bank, and transferred only through a clearing institution.

Enforcement

China’s Corruption Watchdog Punishes Former Bank Regulators

27/01/2021

Three former banking regulators were expelled from the CCP and referred for criminal prosecution for accepting bribes and contributing to Baoshang Bank’s failure, among other violations.

Big Picture

China Access Channels for Foreign Institutional Investors: ASIFMA

27/01/2021

New ASIFMA paper looks at the various investment access channels for foreign institutional investors investing in China’s capital markets.

Crypto / Digital Assets

OECD Paper Identifies Regulatory Issues in Asset Tokenisation

27/01/2021

As markets for tokenised assets develop and grow in size, so too will the need to safeguard investors, consumers and financial stability.

AML / KYC

Australian Police Arrest Dutch National on Money Mule Charges

27/01/2021

The 22-year-old was used to receive funds stolen from Australian bank accounts by a cybercrime syndicate before he transferred it overseas with Bitcoin.