Securities / Derivatives

Indonesia to Establish Money Market CCP by End of Year

19/08/2024

Bank Indonesia and eight banks will invest in and help develop the CCP, which will be housed under IDClear, the CCP for the country’s capital market.

Sanctions

UK OFSI Issues Additional Guidance on Russia Sanctions

19/08/2024

Among other things, the new FAQs clarify that non-sanctioned Russian nationals and companies in the UK are allowed to open or maintain UK bank accounts.

Market Infrastructure

Korea to Issue Guidelines to Encourage Greater Use of KOFR

19/08/2024

The BOK and FSC plan to introduce KOFR-linked overnight index swaps and ultimately restrict the use of CD rates in IRS transactions.

Enforcement

US SEC Fines ATS Operator OTC Link for AML Failings

18/08/2024

OTC Link did not file a single SAR over 38 months. Its AML department consisted of only two individuals who together spent just five hours per month reviewing trading alerts.

Sanctions

China Imposes New Export Controls on Strategic Minerals

18/08/2024

The export controls apply to antimony and related products as well as certain equipment and technologies used in materials science and engineering.

AML / KYC

Myanmar Charges Tycoon Over Use of Scam Centre Proceeds

18/08/2024

The former executive chair of privately owned Yoma Bank allegedly used criminal proceeds from online scam centres to invest in a real estate project.

FSC Korea Issues Guidelines on Protection of Debtors

17/08/2024

Financial companies have until 17 October to finalise internal standards to comply with new requirements under the Personal Debtor Protection Act.

Fintech / Regtech

US Regulator to Crack Down on ‘Time-wasting’ Chatbots Used by FIs

17/08/2024

The CFPB will issue rules or guidance to regulate the use of “ineffective and time-wasting chatbots” by FIs in lieu of customer service.

Fintech / Regtech

Japan FSA to Start Using AI for Monitoring Soundness of FIs

17/08/2024

The new system is being put in place to speed up the detection of issues in the financial system and help prevent financial crises and bank failures.