Posts By JP Reimann, FinFabrik
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378AML / KYCSFC Updates AML/CFT Guideline as FATF Assessment Looms
Proposals include streamlining of customer onboarding processes and a requirement to implement group-wide AML/CFT systems at overseas branches and subsidiaries.
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283EnforcementJapan Scrutinises Crypto Exchanges, Industry Body to Release New Rules
FSA to issue business improvement orders on registered crypto exchanges; self-regulatory industry association to release new voluntary rules on 27 June.
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279Fintech / RegtechCrypto ‘Poor Substitute’ for Conventional Money – BIS
Lack of trust, poor efficiency and vast energy use are cited among other reasons for cryptocurrency’s limited potential to replace conventional money in the latest BIS annual report.
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479Hong Kong
Hong Kong Targets September for OTC Derivatives Margin Rules
SFC consultation proposes to phase-in IM requirements to avoid market disruption; VM to take effect on 1 September 2019.
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341AML / KYCS. Korea FIU to Supervise Crypto Exchanges Like Banks
Legislation introduced to bring cryptocurrency exchanges under the direct supervision of KoFIU, obligating them to adopt AML/CFT directives including systems to monitor for and report suspicious transactions.
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277Capital RegulationHKMA Imposes Enhanced Supervisory Arrangements on Indian Bank Branches
Due to capital deficiencies, the Hong Kong branches of Allahabad Bank, Punjab National Bank and Indian Overseas Bank must hold HQLA equivalent to 100% of unpledged deposits and should not solicit customer deposits, among other measures.
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381Hong KongHKMA Adds Two Additional Phases to Cyber Resilience Assessment
Second phase to cover 60 authorised institutions with higher risk, third phase to cover about 90 remaining institutions; HKMA expressed concern about lack of qualified C-RAF assessors.
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297ChinaChina, Hong Kong to Deepen Cross-Boundary Market Surveillance
Regulators discussed collaboration on market surveillance, intelligence sharing, coordinated investigations, and the establishment of a notification mechanism for cases involving dual listed shares and cross-boundary market misconduct.
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340KoreaTaiwan, S. Korea Launch ETF Cross Listings
Cross listed ETFs track tech stocks traded in the two countries; following 2015 MoU that sought to expand cooperation between the TWSE and KRX.
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1.2KFeatureCryptocurrency Worth $1.1bn Stolen in H1 2018 – Report
Theft facilitated by $6.7mn dark web marketplace for crypto-related malware; cryptocurrency exchange most vulnerable to attack.
