AML / KYC

Korea Securities Depository to Promote LEI Adoption in Crypto Market

27/07/2023

The KSD and Code have signed a business agreement to promote the issuance and use of LEIs in the virtual asset market.

Korea to Enhance Financial Dispute Mediation Procedures

27/07/2023

The FSC says the revised procedures are scheduled to be formally announced on 1 August and take effect three months later.

Enforcement

Korea Prosecuting 33 Individuals Involved in Convertible Bond Abuse

26/07/2023

Out of 40 cases detected, investigations have been completed in 11 cases. Criminal charges were against 33 suspects.

Enforcement

FSS Korea Directs Chinese Banks to Address Regulatory Violations

24/07/2023

The FSS has directed three Chinese banks with branches in Seoul to take corrective measures to rectify disclosure and reporting violations.

Fintech / Regtech

Australia Approves Final Operational Enhancements To CDR Rules

22/07/2023

Assistant treasurer Stephen Jones says the operational enhancements to the CDR rules will keep small business and customer data safer.

Enforcement

NZ Court Imposes Highest Ever Penalties for Market Manipulation

21/07/2023

Two former senior executives of  Oceania Natural Ltd were ordered to pay a combined N$2.09mn for market manipulation.

Market Infrastructure

FSC Korea Grants First Preliminary Approval to ATS Platform

21/07/2023

Nextrade, owned by 34 companies, will have 18 months to establish its systems and apply for final authorisation to operate its ATS platform.

AML / KYC

KoFIU Revises Rules Setting Out “Core Responsibilities” of AML Officers

21/07/2023

The role of CEOs has been made more specific, compliance officers will have a supervisory role over employees, MLROs will need at least two years of AML experience.

APRA, ASIC Issue Draft Rules for New Financial Accountability Regime

20/07/2023

APRA and ASIC are consulting on the proposed regulator rules, ADI key functions and transitional rules to support the implementation of the new FAR.