AML / KYC

AUSTRAC Given Two Month Deadline for New Westpac Claims

17/06/2020

Separately, APRA has delegated enforcement powers to ASIC, allowing it to seek fines or banning orders if Westpac is found to have breached banking laws.

Securities / Derivatives

China Pacific Insurance Lists GDRs in London

17/06/2020

The issuance is the largest capital raising on the LSE in three years, even at a 10% discount to China Pacific Insurance’s corresponding A-shares in Shanghai.

ACCC Highlights Improved Price Transparency on FX Conversions

17/06/2020

An ACCC review last year found that a lack of pricing transparency forced consumers to rely on the more expensive big four banks for FX conversion and international money transfers.

Market Infrastructure

Eurex Clears its First Interest Rate Swaps from Japan

17/06/2020

The FSA granted Eurex Clearing a licence as a foreign financial instruments clearing organisation in March, allowing it to offer clearing services in Japan.

Market Infrastructure

FMA Sets Out Full Licence Conditions for NZ Financial Advisers

17/06/2020

In a consultation paper, the FMA specifies three distinct classes of financial advice provider licences, to allow applicants to apply for the licence that best suits their circumstances and business structures.

Fintech / Regtech

BOK Panel to Explore Legal Issues of CBDC Issuance

17/06/2020

The BOK has formed a legal advisory group comprising internal and external experts to discuss the legal and regulatory issues surrounding a central bank digital currency.

Crypto / Digital Assets

India Considers Next Steps to Regulate Cryptocurrency

17/06/2020

Market commentators believe that a recent Supreme Court decision has prompted the government to work towards a new regulatory approach, rather than an outright ban.

AML / KYC

Green Crime: A Global Challenge Requiring a Global Response

17/06/2020

A coherent global response and unifying standards are needed to tackle illegal wildlife trade and environmental crime. Financial institutions have a crucial role to play.

Fintech / Regtech

FSC Korea to Enhance Regulatory Framework for Crowdfunding

17/06/2020

SMEs will be allowed to raise funds through crowdfunding platforms, and the capital raising limit will be raised, among other enhancements to the existing framework.