Capital / Liquidity

US, Korea to Cooperate on Risk Monitoring, Resolution Planning

02/10/2023

The FDIC and KDIC will cooperate on risk monitoring, crisis management and resolution planning for FIs with operations in both countries.

UK, NZ Sign Pact to Mutually Recognise Auditor Qualifications

29/09/2023

The New Zealand FMA and UK’s FRC have agreed on mutual recognition of the professional qualifications of auditors.

AML / KYC

AUSTRAC Issues Customer Identification Guidance for Gambling Providers

29/09/2023

From September 2024, online gambling providers must complete applicable customer identification procedures before offering gambling services.

Crypto / Digital Assets

ASIC Punishes Fintech Firm for Misrepresenting Crypto Product

28/09/2023

Bobbob and its sole director are prohibited from providing financial services to retail clients for 12 months and paid A$53,000 in penalties.

ASIC Directs Licensees to Improve Remediation Procedures

27/09/2023

ASIC conducted a review of the remediation policies and procedures of some large FIs and identified gaps and inconsistencies that could lead to poor customer outcomes.

Crypto / Digital Assets

PBOC Adds CBDC Feature to Boost Adoption Among Foreigners

27/09/2023

The e-CNY app now allows foreigners to top up their digital wallets using global payment networks Visa and Mastercard.

AML / KYC

Philippine SEC Stresses Need for CDD on DNFBP Clients

26/09/2023

Regulated firms that don’t identify and verify the true identity of DNFBP clients and their beneficial owners may face enforcement action.

Enforcement

Australian Court Fines ANZ for Unlawful Credit Card Charges

26/09/2023

ANZ was ordered to pay a A$15mn penalty, on top of A$8.3mn in remediation paid to over 186,000 credit card accounts.

Crypto / Digital Assets

HK SFC to Provide Transparency on Crypto Licence Applicants

26/09/2023

The SFC will publish a list of all firms that have applied for a VATP licence and launch other investor education initiatives.