Fintech / Regtech

S. Korea Accepts Eight More Fintech Sandbox Participants

16/05/2019

The FSC has approved eight more fintech services for the regulatory sandbox, bringing the total number of approved companies to 26.

Enforcement

ASIC Raises Bar for Complaints Handling at Financial Firms

16/05/2019

The proposals raise internal dispute resolution standards at financial firms, and introduce mandatory data reporting to help make complaints handling performance more transparent.

Market Infrastructure

ESMA Recognises India ICC as Third Country CCP

15/05/2019

The recognition gives India ICC QCCP status across the European Union. QCCP members are subjected to lower capital requirements/charges under Basel III.

Market Infrastructure

SC Malaysia Issues Guidelines on Business Continuity

15/05/2019

The Securities Commission requires each capital market entity to have business continuity management arrangements as part of ensuring systemic resiliency of the capital market.

AML / KYC

Wolfsberg Group Publishes Guidance on Customer Tax Evasion

15/05/2019

Financial institutions should be able to leverage existing financial crime compliance, conduct and tax (including tax transparency regimes) procedures and controls, to address the risks of customer tax evasion.

Fintech / Regtech

Hong Kong, Thailand Central Banks Sign Fintech Collaboration Agreement

15/05/2019

HKMA and BOT have agreed to collaborate on fintech innovation, including through a joint research project on the development of a central bank digital currency.

Enforcement

Taiwan Adviser Found Embezzling $4.8mn Over 14 Years

14/05/2019

A Hua Nan Commercial Bank adviser allegedly withdrew money from client accounts and made loans in their names, before diverting the funds to a company operated by her relatives.

AML / KYC

New Zealand FMA Issues AML/CFT Warnings to 10 Reporting Entities

14/05/2019

The warnings relate to failures by the firms to comply with requirements to have their risk assessments and AML/CFT programmes audited every two years.

Market Infrastructure

Sri Lanka Signs Dual Bond Listing Deal with London

14/05/2019

Colombo’s stock exchange has signed an MoU to list domestic government bonds in London and enable LSEG to support the development of Sri Lanka’s capital markets.