Enforcement

FSS Korea Strengthens Capital Markets Inspection System   

11/10/2023

Market participants that engage in illicit conduct will face immediate deregistration or licence revocation for even a single offence.

AML / KYC

BSP Highlights Importance of PEPs Due Diligence

11/10/2023

Domestic and international organisation PEPs, unlike foreign PEPs, are not automatically considered as high risk.

Australia to Amend Superannuation Tax Concession Policy

06/10/2023

The government is proposing “slightly less generous” tax concessions for individuals with a total superannuation balances above A$3mn.

AML / KYC

Pakistan Set to Establish Autonomous AML Authority – Report

06/10/2023

The authority will be tasked with tracking and monitoring money laundering and terrorist financing, while also serving as a policymaking body.

Fintech / Regtech

BNM to Finalise Licensing Framework for Digital Insurers in 2024

06/10/2023

Following consultation, BNM said it would refine and enhance several aspects of the framework for digital insurers and takaful operators.

Market Infrastructure

Japanese, Korean Regulators Agree to Strengthen Cooperation

06/10/2023

The FSA and FSC will cooperate on financial stability, climate change, and digitalisation of financial services. KFB and JBA also signed an MoU.

Fintech / Regtech

BIS to Advise Korea on Design & Implementation of CBDC Pilot

05/10/2023

South Korean regulators will start testing a wholesale CBDC with commercial banks this month, and a retail CBDC in Q4 of next year.

Crypto / Digital Assets

SFC, HKPF Form Dedicated Working Group on VATPs

05/10/2023

The working group will facilitate information sharing and collaboration on monitoring and investigations involving crypto platforms.

Capital / Liquidity

BNM Consults on Draft Rules for Islamic Collateralised Funding

04/10/2023

The draft policy document sets out the scope of transactions that can be conducted by a banking institution participating in the Islamic interbank money market.