AML / KYC

FATF Details Virtual Asset Red Flags for Detecting Criminal Activity

15/09/2020

This report will help VASPs, FIs, DNFBPs, and other reporting entities detect and report suspicious transactions, and national authorities detect criminal activity.

Capital / Liquidity

PBOC Publishes Final Rules for Financial Holding Companies

14/09/2020

Existing groups that meet the requirements have 12 months to apply to the PBOC for establishment and licensing, with at least CNY 5 billion in registered capital.

Enforcement

Japan: Nomura Employee Leaks Client Information to Securities Firm

14/09/2020

Nomura has apologised for the incident and pledged to strengthen its management of customer information. It will also consider taking legal action against the offending staffer.

Capital / Liquidity

HKMA Published Revised SPM on Non-Cleared OTC Derivatives

14/09/2020

Banks currently in scope of the margin requirements and risk mitigation standards have until 1 September 2021 to comply wth the revised supervisory policy manual.

Enforcement

ASIC Power to Obtain Documents Upheld in Federal Court

14/09/2020

Two separate rulings against Maxi EFX and IOOF-owned RI Advice clarify obligations for those who receive ASIC notices requiring them to produce documents.

RBI Sets Out Guidelines on Bank Compliance Function

13/09/2020

The guidelines are aimed at ensuring a uniform approach with regard to compliance and risk management culture across the banking industry.

Enforcement

Federal Court Imposes A$57.5m Penalty Against NAB Units

13/09/2020

NULIS Nominees and MLC Nominees admitted to misleading or deceptive conduct, false or misleading representations, and breaches of the ASIC Act and Corporations Act.

Market Infrastructure

Standard-setters Kick Off Initiative to Harmonise Sustainability Reporting

13/09/2020

The IFRS Foundation is proposed as the body that is “optimally positioned” to lead and coordinate the creation of a new sustainability standards board.

Market Infrastructure

Changes to Hong Kong OFC Regime Take Effect Immediately

13/09/2020

Private OFCs are no longer subject to investment restrictions and securities brokers are now eligible to be OFC custodians, among other changes.