Big Picture

FSB Evaluates Impact of G20 Reforms on Securitisation

03/07/2024

Risk retention and higher prudential requirements have enhanced the resilience of securitisation markets, the FSB says.

AML / KYC

Nearly 4,000 Arrests Made in Global Anti-Scam Operation: INTERPOL

03/07/2024

The operation spanned 61 countries and resulted in 6,745 bank accounts being frozen and assets worth $257mn being seized.

Sanctions

Chinese Banks Reducing CNY Trades on Moscow Exchange

03/07/2024

Yuan flows into Russia for oil sales to China are reportedly shifting from the exchange market to the OTC market.

Crypto / Digital Assets

Canton Network Launches Decentralised Interoperability Infrastructure

02/07/2024

The “Global Synchronizer” enhances interoperability on the Canton Network, which is designed to enable tokenisation and frictionless exchange of regulated financial assets and liabilities.

Capital / Liquidity

UBS Completes Merger With Credit Suisse Swiss Unit

02/07/2024

Sabine Keller-Busse, President of UBS Switzerland said the completion of the Swiss entities’ merger marks an important milestone.

Sanctions

UniCredit Seeking Clarity on ECB’s Russia Exit Orders

02/07/2024

The ECB ordered UniCredit in May to further speed up its withdrawal from Russia. The bank is seeking legal clarity on its obligations.

Enforcement

China: New Law Strengthens Penalties for Accounting Fraud

02/07/2024

The new Accounting Law significantly increases penalties for financial fraud and for the first time includes the phrase “internal control”.

Crypto / Digital Assets

Trade Bodies to Develop Disclosure Guidelines for Digital Assets

02/07/2024

Four trade associations have organised a Steering Committee to propose new disclosure guidelines for digital asset tokens offered in the US.

Capital / Liquidity

APRA Identifies Recovery Planning Weaknesses at Super Funds

02/07/2024

APRA said improvements are needed to meet new recovery and exit planning requirements by 1 January 2025.