AML / KYC

UK FCA Directs FIs to Review Treatment of PEPs

19/07/2024

The FCA has also issued a new consultation proposing changes to its guidance on the treatment of PEPs to ensure they are not treated unfairly.

Securities / Derivatives

UK FCA Finalises New Access Regime for Overseas Funds

19/07/2024

The UK will offer a streamlined process for non-UK domiciled funds to market to UK retail customers, based on an equivalence determination by the government.

Enforcement

Switzerland Has Pursued 56 Cases Involving Russia Sanctions Violations

19/07/2024

Out of 56 administrative penal proceedings, 26 were dropped, 15 resulted in penalties, and the others remain under investigation.

Australia to Update Registration Framework for Tax Practitioners

18/07/2024

The registration framework is being updated to better protect consumers and ensure higher standards of professional conduct among tax practitioners.

Enforcement

Australia Fines Telstra for Failure to Authenticate Customer IDs

18/07/2024

The ACMA said Telstra failed to use ID authentication processes for 168,000 high-risk customer interactions, such as SIM-swap requests and password resets.

Fintech / Regtech

US Treasury Publishes Cloud Adoption Guidance for FIs

18/07/2024

The new set of documents are intended to arm FIs  of all sizes with effective practices for secure cloud adoption and operations.

Enforcement

US Jails Man for Shipping Microelectronics to Russia via Hong Kong

17/07/2024

Russian national Maxim Marchenko procured dual-use military grade microelectronics for Russian end users using Hong Kong-based shell companies.

Fintech / Regtech

FSC Korea Progresses Work on BNPL Regulation

17/07/2024

Amendments will impose disclosure and suitability-checking requirements on businesses that offer BNPL services.

Enforcement

CFTC, FTX Reach Agreement on $12.7b Settlement

17/07/2024

The CFTC is only payable to the extent that funds are available after customer and creditor claims are settled.