AML / KYC

HKMA Expands FINEST Platform to Ten Participating Banks

07/08/2024

HKMA’s Raymond Chan said the proposal to expand FINEST to allow sharing of personal account information received broad support.

Tesla Seeks to Launch Insurance Broking Firm in China

07/08/2024

Tesla has registered a new insurance broking firm in China, but will need approval from the NFRA to formally enter the EV insurance market.

Enforcement

Chinese State-Owned FIs Instructed to Drop PwC – Report

07/08/2024

BOC, China Life Insurance, and PICC are among more than 30 listed Chinese companies that have dropped PwC as their auditor this year.

Fintech / Regtech

US Regulators to Jointly Adopt Common Data Standards

06/08/2024

The Federal Reserve, SEC, CFTC and six other agencies will adopt common identifiers including the LEI and UPI.

Enforcement

Switzerland Announces $152mn Penalty Order Against Glencore

06/08/2024

The penalty order resolves a four-year criminal investigation into Glencore by Swiss and Dutch authorities.

Fintech / Regtech

Bank Indonesia Issues Five-Year Payment System Blueprint

06/08/2024

Bank Indonesia Governor Perry Wariyo said the plan to issue digital rupiah has entered the final stages.

Enforcement

SET Chairman Calls for Reforms to Address Corporate Fraud

05/08/2024

The SET says legal reforms are needed to enable the SEC to bypass the police and go directly to prosecutors, similar to practices in the US, South Korea, and Japan.

Sanctions

Myanmar Punishes Exporters for Failure to Convert FX to Kyat

05/08/2024

Over 100 companies have had their export licences revoked. Their owners face potential jail time and asset confiscation.

Securities / Derivatives

Shanghai Bourse Unveils Plans to Launch New Index Varieties

05/08/2024

Three-year action plan includes more cross-border indexes, more varieties of STAR Market indexes, and new productivity theme indexes.